20240046370. Supplemental Tax Protocol System and Method simplified abstract (SafeMoon US, LLC)
Contents
Supplemental Tax Protocol System and Method
Organization Name
Inventor(s)
Adel Elmessiry of Brentwood TN (US)
Supplemental Tax Protocol System and Method - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240046370 titled 'Supplemental Tax Protocol System and Method
Simplified Explanation
The abstract of the patent application describes a system and method for calculating and deducting supplemental taxes associated with cryptocurrency transactions automatically. Here is a simplified explanation of the abstract:
- The patent application proposes a system and method for handling supplemental taxes related to cryptocurrency transactions.
- It suggests automatically calculating and deducting these supplemental taxes upon the execution of a transaction.
- The innovation aims to simplify the process of tax calculation and deduction for cryptocurrency transactions.
Potential Applications:
- Cryptocurrency exchanges and platforms can utilize this technology to streamline tax calculations and deductions for their users.
- Governments and tax authorities can leverage this system to ensure accurate and efficient taxation of cryptocurrency transactions.
Problems Solved:
- Simplifies the process of calculating and deducting supplemental taxes associated with cryptocurrency transactions.
- Addresses the challenge of accurately determining and deducting taxes in the rapidly evolving cryptocurrency landscape.
Benefits:
- Automation of tax calculation and deduction reduces the burden on users and ensures compliance with tax regulations.
- Streamlines the tax collection process for governments and tax authorities.
- Enhances transparency and accuracy in cryptocurrency transactions by incorporating tax calculations directly into the transaction execution process.
Original Abstract Submitted
a system and method for calculating supplemental taxes associated with a cryptocurrency transaction and automatically deducting such supplemental taxes upon execution of a transaction.
