Point of sale governmental sales and use tax reporting and recei

Details Point of sale governmental sales and use tax reporting and recei Point of sale governmental sales and use tax reporting and recei

1995-05-10

1998-08-25

Voeltz, Emanuel Todd

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Including point of sale terminal or electronic cash register

705 31, 235375, G06F 1760

Patent

active

057992835

ABSTRACT:
A point of sale tax reporting and automatic collection system including a smart tax register located at a retailer location. The retailer smart register processes consumer transactions and calculates the amount of sales tax due the retailer by the consumer for each transaction. Following the transaction, the consumer requests and is give a tax paid receipt. After the sales tax is paid to the retailer by the consumer, the register either immediately or periodically forwards the amount of the transaction and the amount of sales tax collected by the retailer to a computer and memory located at a remote location (e.g. state government taxing authority). The computer and memory receive and store the retailer's transaction and sales tax information, and report same to the Internal Revenue Service at least once a year. After receiving the retailer's sales tax information, the computer accesses and debits an account belonging to the retailer, the amount debited corresponding to the amount of sales tax collected by the retailer. In sum, the system automatically reports all retailer transactions and sales tax collected by retailers from consumers to local and federal government authorities and then automatically collects the sales tax amounts from retailer accounts so as to prevent retailers from turning over the collected sales tax. A tax paid receipt is given to each consumer as evidence that the tax paid will be turned over to the proper authorities.

REFERENCES:
patent: 3267438 (1966-08-01), Berler
patent: 3281794 (1966-10-01), Townsend
patent: 3294960 (1966-12-01), Townsend
patent: 3944801 (1976-03-01), Montana
patent: 3946217 (1976-03-01), Tsujikawa et al.
patent: 3963910 (1976-06-01), Enomoto et al.
patent: 4144567 (1979-03-01), Tadakuma et al.
patent: 4430713 (1984-02-01), Nakatani et al.
patent: 4503503 (1985-03-01), Suzuki
patent: 4630292 (1986-12-01), Juricich et al.
patent: 4727243 (1988-02-01), Savar
patent: 4762587 (1988-08-01), Deal
patent: 4890228 (1989-12-01), Longfield
patent: 4893237 (1990-01-01), Unno
patent: 5101200 (1992-03-01), Swett
patent: 5138549 (1992-08-01), Bern
patent: 5193057 (1993-03-01), Longfield
patent: 5335169 (1994-08-01), Chong
patent: 5366404 (1994-11-01), Jones
patent: 5396417 (1995-03-01), Burks et al.
patent: 5420405 (1995-05-01), Chasek
patent: 5623403 (1997-04-01), Highbloom
patent: 5644724 (1997-07-01), Cretzler
Clark, Brian D., "States get tough on sales tax compliance", Journal of Accountancy, pp. 29-31, Apr. 1993.
"IRS developing comprehensive online database network", Tax Notes Today, 94 TNI 245-12, Dec. 21, 1994.
Computer Associates to Release Enhanced ACCPAC BPI Accounts Receivable Module, News Release, Computer Associates International, Oct. 29, 1990.

Affiliated with

Also associated with

Rating

Point of sale governmental sales and use tax reporting and recei does not yet have a rating. At this time, there are no reviews or comments for this patent.

If you have personal experience with Point of sale governmental sales and use tax reporting and recei, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Point of sale governmental sales and use tax reporting and recei will most certainly appreciate the feedback.

Rate now

Comments { 0 }

Profile ID: LFUS-PAI-O-46641