Tax escrow system for independent contractors

Details Tax escrow system for independent contractors Tax escrow system for independent contractors

2005-05-24

2005-05-24

McClellan, James S. (Department: 3627)

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

Automated electrical financial or business practice or...

Accounting

C705S030000

Reexamination Certificate

active

06898573

ABSTRACT:
The system ensures the timely payment of taxes due a taxing authority while protecting the solvency of an independent service provider. The contracting entity retains a third-party escrow manager who oversees payments made by the contracting entity to an independent service provider. The third-party escrow manager estimates tax liability owed by the independent service provider to a tax authority based upon data provided to the third-party escrow manager by the independent service provider. The third-party escrow manager deposits a portion of monies owed to the independent service provider by the contracting entity for services provided in an escrow account. The escrow account is used by the independent contractor to pay monies owed to the taxing authority in a timely manner when due.

REFERENCES:
patent: 5875435 (1999-02-01), Brown
patent: WO 0125987 (2001-04-01), None
Internet Publication to NICS. Newsletter—vol. VI—Aug. 2000. Archived on www.archive.org on Aug. 24, 2000. pp. 1-5.*
TurboTax Publication Tax Year 1997. Intuit. Oct. 1997.*
Internet Publication to IContract (www.icontract.com). Archived on Oct. 14, 1997. Available online (www.archive.org). pp. 1-17.*
Stern, Linda. Unmask the hidden costs of self employment. Home Office Computing, v10, n6, p62 (4). Jun. 1992.

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