Systems and methods for aiding tax compliance
The present disclosure is directed towards systems and methods for aiding compliance with tax collection and reporting obligations. Distributed ledgers may assist with the verified calculation of taxes owed through the use of identity wallets and cryptocurrency transactions may be employed to effectuate payment to sellers as well as payment of taxes owed to the appropriate tax authorities. Verification of identity sources and of tax calculation and transmission engines may reduce compliance obligations on the part of sellers.
1. A system comprising memory and one or more processors communicatively coupled to the memory, the one or more processors configured to:
receive a first identification of an item or service to be purchased via a point of sale system;
receive a second identification of an identity wallet configured as a distributed ledger repository for digital data associated with a consumer device;
using the second identification of the identity wallet and based on a distributed ledger protocol, query the identity wallet to obtain at least a portion of the digital data associated with the identity wallet;
using (i) at least the portion of the digital data associated with the identity wallet and (ii) the first identification of the item or service to be purchased, calculate tax data associated with the item or service to be purchased and determine a taxing authority identifier for the tax data;
based on the first identification of the item or service to be purchased, initiate a first cryptocurrency transaction to transfer purchase price data of the item or service to the point of sale system associated with the item or service; and
initiate a second cryptocurrency transaction to transfer the tax data to a tax reserve system associated with the taxing authority identifier,
wherein the first cryptocurrency transaction and the second cryptocurrency transaction improve efficiency of network interactions with respect to the consumer device and point of sale system.
2. The system of claim 1 , wherein the one or more processors are further configured to:
in response to an electronic interface of the point of sale system being accessed by the consumer device, generate an identification verification request configured for presentation via the electronic interface of the point of sale system; and
receive, from the consumer device, an access authorization for the digital data associated in response to the identification verification request.
3. The system of claim 2 , wherein the one or more processors are further configured to:
receive the second identification of the identity wallet in response to the access authorization.
4. The system of claim 1 , wherein the identity wallet is a first identity wallet, the distributed ledger repository is a first distributed ledger repository, and the digital data is first digital data, and wherein the one or more processors are further configured to:
receive a third identification of a second identity wallet configured as a second distributed ledger repository for second digital data associated with the point of sale system; and
calculate the tax data associated with the item or service using (iii) at least a portion of the second digital data associated with the point of sale system.
5. The system of claim 1 , wherein the one or more processors are further configured to:
initiate a rendering of visualization data associated with the tax data via an electronic interface of the consumer device.
6. The system of claim 1 , wherein the one or more processors are further configured to:
initiate a rendering of visualization data associated with the purchase price data of the item or service via an electronic interface of the consumer device; and
initiate the first cryptocurrency transaction in response to receiving a payment authorization from the consumer device.
7. The system of claim 1 , wherein the one or more processors are further configured to:
receive a return request from the consumer device that indicates (a) the first identification of the item or service and (b) a third identification of the second cryptocurrency transaction associated with the item or service; and
initiate a third cryptocurrency transaction with the tax reserve system based on the return request.
8. A method, comprising:
receiving a first identification of an item or service to be purchased via a point of sale system;
receiving a second identification of an identity wallet configured as a distributed ledger repository for digital data associated with a consumer device;
using the second identification of the identity wallet and based on a distributed ledger protocol, querying the identity wallet to obtain at least a portion of the digital data associated with the identity wallet;
using (i) at least the portion of the digital data associated with the identity wallet and (ii) the first identification of the item or service to be purchased, calculating tax data associated with the item or service to be purchased and determine a taxing authority identifier for the tax data;
based on the first identification of the item or service to be purchased, initiating a first cryptocurrency transaction to transfer purchase price data of the item or service to the point of sale system associated with the item or service; and
initiating a second cryptocurrency transaction to transfer the tax data to a tax reserve system associated with the taxing authority identifier,
wherein the first cryptocurrency transaction and the second cryptocurrency transaction improve efficiency of network interactions with respect to the consumer device and point of sale system.
9. The method of claim 8 , further comprising:
in response to an electronic interface of the point of sale system being accessed by the consumer device, generating an identification verification request configured for presentation via the electronic interface of the point of sale system; and
receiving, from the consumer device, an access authorization for the digital data associated in response to the identification verification request.
10. The method of claim 9 , further comprising:
receiving the second identification of the identity wallet in response to the access authorization.
11. The method of claim 8 , wherein the identity wallet is a first identity wallet, the distributed ledger repository is a first distributed ledger repository, and the digital data is first digital data, and the method further comprising:
receiving a third identification of a second identity wallet configured as a second distributed ledger repository for second digital data associated with the point of sale system; and
calculating the tax data associated with the item or service using (iii) at least a portion of the second digital data associated with the point of sale system.
12. The method of claim 8 , further comprising:
initiating a rendering of visualization data associated with the tax data via an electronic interface of the consumer device.
13. The method of claim 8 , further comprising:
initiating a rendering of visualization data associated with the purchase price data of the item or service via an electronic interface of the consumer device; and
initiating the first cryptocurrency transaction in response to receiving a payment authorization from the consumer device.
14. The method of claim 8 , further comprising:
receiving a return request from the consumer device that indicates (a) the first identification of the item or service and (b) a third identification of the second cryptocurrency transaction associated with the item or service; and
initiating a third cryptocurrency transaction with the tax reserve system based on the return request.
15. A computer program product, stored on a computer readable medium, comprising instructions that when executed by one or more processors cause the one or more processors to:
receive a first identification of an item or service to be purchased via a point of sale system;
receive a second identification of an identity wallet configured as a distributed ledger repository for digital data associated with a consumer device;
using the second identification of the identity wallet and based on a distributed ledger protocol, query the identity wallet to obtain at least a portion of the digital data associated with the identity wallet;
using (i) at least the portion of the digital data associated with the identity wallet and (ii) the first identification of the item or service to be purchased, calculate tax data associated with the item or service to be purchased and determine a taxing authority identifier for the tax data;
based on the first identification of the item or service to be purchased, initiate a first cryptocurrency transaction to transfer purchase price data of the item or service to the point of sale system associated with the item or service; and
initiate a second cryptocurrency transaction to transfer the tax data to a tax reserve system associated with the taxing authority identifier,
wherein the first cryptocurrency transaction and the second cryptocurrency transaction improve efficiency of network interactions with respect to the consumer device and point of sale system.
16. The computer program product of claim 15 , wherein the one or more processors are further configured to:
in response to an electronic interface of the point of sale system being accessed by the consumer device, generate an identification verification request configured for presentation via the electronic interface of the point of sale system; and
receive, from the consumer device, an access authorization for the digital data associated in response to the identification verification request.
17. The computer program product of claim 16 , wherein the one or more processors are further configured to:
receive the second identification of the identity wallet in response to the access authorization.
18. The computer program product of claim 15 , wherein the identity wallet is a first identity wallet, the distributed ledger repository is a first distributed ledger repository, and the digital data is first digital data, and wherein the one or more processors are further configured to:
receive a third identification of a second identity wallet configured as a second distributed ledger repository for second digital data associated with the point of sale system; and
calculate the tax data associated with the item or service using (iii) at least a portion of the second digital data associated with the point of sale system.
19. The computer program product of claim 15 , wherein the one or more processors are further configured to:
initiate a rendering of visualization data associated with the tax data via an electronic interface of the consumer device.
20. The computer program product of claim 15 , wherein the one or more processors are further configured to:
initiate a rendering of visualization data associated with the purchase price data of the item or service via an electronic interface of the consumer device; and
initiate the first cryptocurrency transaction in response to receiving a payment authorization from the consumer device.