18470598. SYSTEM AND METHOD FOR CAPTURING SALES TAX DEDUCTION INFORMATION FROM MONETARY CARD TRANSACTIONS simplified abstract (Capital One Services, LLC)

SYSTEM AND METHOD FOR CAPTURING SALES TAX DEDUCTION INFORMATION FROM MONETARY CARD TRANSACTIONS

Organization Name

Capital One Services, LLC

Inventor(s)

Eric D. Fox of Richmond VA (US)

Robert W. Gregory, Jr. of Mechanicsville VA (US)

SYSTEM AND METHOD FOR CAPTURING SALES TAX DEDUCTION INFORMATION FROM MONETARY CARD TRANSACTIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18470598 titled 'SYSTEM AND METHOD FOR CAPTURING SALES TAX DEDUCTION INFORMATION FROM MONETARY CARD TRANSACTIONS

Simplified Explanation

The abstract describes a system and method for managing sales tax information related to financial transactions, such as credit card transactions. The system can receive sales tax information electronically, determine missing information, request missing information from a source, store the information, and present it to the user for tax return purposes.

• Explanation of the patent/innovation:

- System for managing sales tax information in financial transactions - Electronic receipt of sales tax information from merchants or point of sale devices - Detection of missing information and generation of requests to obtain missing information - Storage and retrieval of sales tax information for user presentation - Use of information for tax return completion

Potential Applications

This technology can be applied in various industries where sales tax information needs to be managed, such as retail, e-commerce, and financial services.

Problems Solved

- Ensures accurate sales tax information is available for tax reporting - Streamlines the process of obtaining missing sales tax information - Improves compliance with tax regulations

Benefits

- Reduces the risk of errors in tax reporting - Saves time and effort in gathering sales tax information - Enhances transparency and accountability in financial transactions

Potential Commercial Applications

Optimizing Sales Tax Management in Financial Transactions

Possible Prior Art

Similar systems and methods for managing sales tax information in financial transactions may exist, but specific prior art is not provided in the abstract.

How does the system ensure the security and privacy of the sales tax information stored and retrieved?

The system may use encryption, access controls, and other security measures to protect the confidentiality of the sales tax information.

Can the system handle sales tax information from multiple sources and formats?

The system may have the capability to process and integrate sales tax information from various sources and formats to provide a comprehensive view for the user.

Original Abstract Submitted

Systems and methods are provided for managing sales tax information. The information may be generated, for example, in connection with transactions involving financial accounts, such as a credit card account. The sales tax information may be received electronically from, for example, a merchant or a point of sale device. A determination may be made whether there is any missing sales tax information. If there is missing information a request may be generated and sent to a source having the information. The source may receive the request, retrieve the desired information, and transmit it to the requesting entity. The sales tax information may be stored and later retrieved for presentation to a user, such as the account holder. The account holder may use the information in completing a tax return.