Patent ID: 7200569
Filing Date: 2007-04-03
Classification: G06Q

Abstract:
1. A program controlled system for identifying taxable financial transactions, collecting data based on the transactions and calculating any taxes due on the transactions, the system comprising: a first server for hosting a first virtual portal having at least one application for providing e-content to end users, the application including a network browser for accessing, displaying and transmitting data over a network; a second server for hosting a second virtual portal having at least one application for receiving data from the first server and for parsing the data received, wherein; a communications infrastructure linking the first and second servers to one another; a third server for hosting a third virtual portal having at least one application for receiving data from the second server, parsing the data received for XML-based data and interpreting the XML-based data for selected data processing operations; a network service module for processing XML-based data from the third server, the network service module including an applications server, a database, a sales and use tax computation module and a sales tax and use tax remittance module, the network service module receiving XML-based transactional data, storing the data in a first selected file of the database, computing the sales and use tax due on the corresponding transaction, storing the sales and use tax due in a second selected file of the database, converting the second file from an Extensible Markup Language (XML)-based format to a tax payment (TXP)-based format for receipt by an automated clearing house network, and periodically transmitting the second file through the network to a selected financial institution for electronic funds transfer to a selected government authority; and an infrastructure service module having a series of discrete operations including a security function for insuring system security over the network, a system recovery function, a system backup function, a real-time and continuous accessibility function, a system monitoring function, a system load balancing function and a system scalability function; wherein the sales and use tax computation module includes, a server having programming for determining all taxes due on each transaction request input to the apparatus according to the directory parameters maintained by the first, second, and third databases; and wherein the first server comprises an interface module for a merchant system, and the second server is included in a service provider system; the first server is operable to electronically contact the second server in the service provider system each time an accounts payable source system transaction is initiated; and the sales and use tax computation module is operable to calculate one of an amount of sales or use tax to pay to the merchant's vendor and an amount of sales or use tax to accrue and report on behalf of the merchant for the initiated transaction.