Patent ID: 7627504
Filing Date: 2009-12-01
Classification: G06Q

Abstract:
1. An information processing system for use by a plurality of users associated with a multi-jurisdictional entity for managing said entity's tax provision based on data originating from at least one jurisdiction, the system comprises: a. means for collecting said data from each jurisdiction of said multi-jurisdictional entity; b. a source database storing said data for determining the tax provision of said multi-jurisdictional entity, wherein said tax provision comprising current and deferred tax provision, which are estimated tax expenses that may be later adjusted based on required changes to the entity's filed tax return, for its tax return to be filed for the current year, and that are certain to come due in the future, respectively; c. means for calculating the tax provision of said multi-jurisdictional entity in accordance to a predetermined, non-governmental, accounting standard from said data stored in said source database; d. a transformed database for storing the tax provision of said multi-jurisdictional entity as determined by said calculating means; and e. a reporting engine for producing reports for the entity's financial statement to be filed with and as required by a regulatory authority using the tax provision from said transformed database; f. means for accessing said source database and said transformed database by said plurality of users; g. means for testing different scenarios of said tax provision for tax planning purposes by changing said tax provision stored in said transformed database; h. means for automatically tracking the changes made to said tax provision stored in said transformed database for reconciliation of said tax provision to the filed tax return; and i. means for automatically tracking the origination of said tax provision to support the financial statement to be filed with the regulatory authority.