Information processing system and method for managing and determining tax information

1. An information processing system for use by a plurality of users associated with a multi jurisdictional entity for managing said entity's data in a data storage for determining tax returns information and tax provision information and for tax planning purposes, based on data originating from at least one jurisdiction, the system comprising:

a. means for collecting said data from each jurisdiction of said multi jurisdictional entity;

b. means for calculating:

i. the tax returns information of said entity, in accordance with a jurisdiction's governmental tax authority, from said data stored in a data storage; and

ii. the tax provision information of said entity, in accordance with a pre-determined, non-governmental, accounting standard, from said data stored in the data storage;

c. means for reconciling said tax provision information with said tax returns information;

d. means for creating at least one dataset from said tax provision information;

e. means for manipulating said tax provision information of each of said dataset for tax planning purposes; and

f. means for reporting said tax returns information and said tax provision information.

2. The information processing system of claim 1 wherein said creating means creates first and second datasets from said tax provision information wherein said first dataset contains information different from said second dataset.

3. The information processing system of claim 1 wherein said creating means creates first and second datasets from said tax provision information and wherein said second dataset contains the same, plus additional, information as said first dataset.

4. The information processing system of claim 1 wherein said creating means creates a plurality of datasets from said tax provision information wherein each of said dataset covers a different time period.

5. The information processing system of claim 1 further comprising means for adjusting said data after manipulation of said tax provision information.

6. The information processing system of claim 5 further comprising means for automatically tracking adjustments made to said data.

7. The information processing system of claim 6 wherein said tracking means comprising means for recording manipulation of said tax provision information of each of said dataset.

8. The information processing system of claim 1 further comprising means for accessing the data storage by said plurality of users.

9. The information processing system of claim 1 wherein said calculating means calculates tax returns information for more than one jurisdiction's governmental tax authority.

10. The information processing system of claim 1 wherein said manipulating means manipulates different datasets of tax provision information for planning purposes.

11. The information processing system of claim 1 wherein said data includes more than one year of data.

12. An information processing system for use by a plurality of users associated with a multi jurisdictional entity for managing said entity's tax information for determining tax returns information and tax provision information, based on tax information data originating from at least one jurisdiction, the system comprising:

a. means for collecting said data from each jurisdiction of said multi jurisdictional entity;

b. means for storing said data;

c. means for calculating:

i. the tax returns information of said entity, in accordance with a jurisdiction's governmental tax authority, from said data stored in said storing means; and

ii. the tax provision information of said entity, in accordance with a pre-determined, non-governmental, accounting standard, from said data stored in said storing means;

d. means for reconciling said tax provision information with said tax returns information; and

e. means for reporting said tax returns information and said tax provision information.

13. An information processing system for use by a plurality of users associated with a multi jurisdictional entity for managing said entity's tax information for tax planning purposes, based on data originating from at least one jurisdiction, the system comprising:

a. means for collecting said data from each jurisdiction of said multi jurisdictional entity;

b. means for storing said data;

c. means for calculating the tax provision information of said entity, in accordance with a pre-determined, non-governmental, accounting standard, from said data stored in said storing means;

d. means for creating at least one dataset from said tax provision information; and

e. means for manipulating said tax provision information of each of said dataset for tax planning purposes.

14. A multi-user information processing method for a multi-jurisdictional entity for managing said entity's data for determining tax returns information and tax provision information and for tax planning purposes, based on data originating from at least one jurisdiction, comprising the steps of:

a. collecting said data from each jurisdiction of said multi jurisdictional entity with an import engine;

b. storing said data in a data storage;

c. calculating said tax returns information of said entity, in accordance with a jurisdiction's governmental tax authority, from said data stored in the data storage with a calculation engine;

d. calculating said tax provision information of said entity, in accordance with a pre-determined, non-governmental, accounting standard, from said data stored in the data storage with said calculation engine;

e. creating at least one dataset from said tax provision information with a user interface unit;

f. manipulating said tax provision information of each of said dataset for tax planning purposes with said user interface unit; and

g. producing reports in connection with said tax returns information and said tax provision information with a report engine for reconciliation of said tax provision information with said tax returns information.

15. The information processing method of claim 14 further comprising the step of:

h. adjusting said data after manipulation of said tax provision information with said user interface.

16. The information processing method of claim 15 further comprising the step of:

i. automatically tracking said adjustments made to said data with a tracking engine.

17. The information processing method of claim 14 further comprising the step of:

j. automatically recording said manipulation of said tax provision information of each of said dataset with a tracking engine.

18. The information processing method of claim 14 further comprising the step of:

k. accessing the data storage with said user interface unit.

19. An information processing system for use with a data storage by a plurality of users associated with a multi jurisdictional entity for managing said entity's tax information for determining tax returns information and tax provision information, based on tax information data originating from at least one jurisdiction, the system comprising:

a. means for collecting said data from each jurisdiction of said multi jurisdictional entity;

b. means for calculating:

i. the tax returns information of said entity, in accordance with a jurisdiction's governmental tax authority, from said data stored in a data storage; and

ii. the tax provision information of said entity, in accordance with a pre-determined, non-governmental, accounting standard, from said data stored the data storage;

c. means for reconciling said tax provision information with said tax returns information; and

d. means for reporting said tax returns information and said tax provision information.

20. An information processing system for use with a data storage by a plurality of users associated with a multi jurisdictional entity for managing said entity's tax information for tax planning purposes, based on data originating from at least one jurisdiction, the system comprising:

a. means for collecting said data from each jurisdiction of said multi jurisdictional entity;

b. means for calculating the tax provision information of said entity, in accordance with a pre-determined, non-governmental, accounting standard, from said data stored in a data storage;

c. means for creating at least one dataset from said tax provision information; and

d. means for manipulating said tax provision information of each of said dataset for tax planning purposes.

21. An information processing system for use by a plurality of users associated with a multi jurisdictional entity for managing said entity's data in a data storage for determining tax returns information and tax provision information and for tax planning purposes, based on data originating from at least one jurisdiction, the system comprising:

a. an import engine for collecting said data from each jurisdiction of said multi-jurisdictional entity;

b. a calculation engine for:

i. calculating the tax returns information of said entity, in accordance with a jurisdiction's governmental tax authority from said data stored in the data storage,

ii. calculating the tax provision information of said entity, in accordance with a pre-determined, non-governmental, accounting standard, from said data stored in the data storage;

iii. reconciling said tax provision information with said tax returns information;

iv. creating at least one dataset from said tax provision information; and

v. manipulating said tax provision information of each of said dataset for tax planning purposes; and

c. a reporting engine for reporting said tax returns information and said tax provision information.

22. 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 for 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.

23. 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. means for transforming said data into transformed data;

c. a source database for storing said transformed 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;

d. means for calculating the tax provision of said multi jurisdictional entity in accordance to a predetermined, non-governmental, accounting standard from said transformed data stored in said source database;

e. a transformed database for storing the tax provision of said multi jurisdictional entity as determined by said calculating means;

f. 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;

g. means for accessing said source database and said transformed database by said plurality of users;

h. means for testing different scenarios of said tax provision for tax planning purposes by changing said tax provision stored in said transformed database;

i. 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

j. means for automatically tracking the origination of said tax provision to support the financial statement to be filed with the regulatory authority.

24. An information processing system for use by a plurality of users associated with a multi jurisdictional entity for managing said entity's current 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 for storing said data for determining the current tax provision of said multi jurisdictional entity, wherein said current tax provision being an estimated tax expense that may be later adjusted based on required changes to its filed tax return, for its tax return to be filed for the current year;

c. means for calculating the current 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 current tax provision of said multi jurisdictional entity as determined by said calculating means;

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 current 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 current tax provision for tax planning purposes by changing said current tax provision stored in said transformed database;

h. means for automatically tracking the changes made to said current tax provision stored in said transformed database for reconciliation of said current tax provision to the filed tax return; and

i. means for automatically tracking the origination of said current tax provision to support the financial statement to be filed with the regulatory authority.

25. An information processing system for use by a plurality of users associated with a multi jurisdictional entity for managing said entity's deferred 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 for storing said data for determining the deferred tax provision of said multi jurisdictional entity, wherein said deferred tax provision being an estimated tax expenses that are certain to come due in the future;

c. means for calculating the deferred 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 deferred tax provision of said multi-jurisdictional entity as determined by said calculating means;

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 deferred 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 deferred tax provision for tax planning purposes by changing said deferred tax provision stored in said transformed database;

h. means for automatically tracking the changes made to said deferred tax provision stored in said transformed database for reconciliation of said deferred tax provision to the filed tax return; and

i. means for automatically tracking the origination of said deferred tax provision to support the financial statement to be filed with the regulatory authority.