Tax refund system

US7177829B1 · kind B1 · utility

Assignee

• H&R Block Tax Services LLC · US

Inventors

• Robert D. Wilson · Shawnee, US
• Mark A. Ernst · Mission Hills, US

Key dates

• Filing date: Jul 16, 1999
• Grant date: Feb 13, 2007
• Expiry date: Jul 16, 2019

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/123
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A tax refund system is disclosed in which in exchange for a taxpayer assigning all or a portion of his or her tax refund, a participating provider provides to the taxpayer a spending vehicle with buying power at participating outlets. Tax return data for an individual's tax return is processed by the IRS. A taxpayer consents to using a portion of the tax return data to acquire a spending vehicle from a financial institution of the taxpayer's choosing. Using a portion of the tax return data, the IRS arranges to electronically transfer an amount related to the taxpayer's refund to an account at the financial institution selected by the taxpayer. A taxpayer then receives a spending vehicle such as a credit, debit, or cash card, spending account, coupon, or rebate from a financial institution or other spending vehicle provider such as a retailer, service provider, wholesaler, distributor, or entertainment entity.