System to assist in tax compliance

Patent metadata

Field	Value
Publication number	US-2016140668-A1
Application number	US-201414543084-A
Country	US
Kind code	A1
Filing date	Nov 17, 2014
Priority date	Nov 17, 2014
Publication date	May 19, 2016
Grant date	—

Abstract

The tax compliance tool includes a system, computer program product, and computer-implemented method for receiving at least one document comprising client tax data during an on-boarding process for a financial institution; validating the at least one document by: identifying a schema for the at least one document, and determining that the at least one document includes input in all fields based on the schema; extracting tax data from the at least one document; receiving at least one financial institution record associated with the client, wherein the at least one financial institution record is received from a database; comparing the tax data to the at least one financial institution record to identify inconsistencies; transforming client data based on the comparison of the tax data to the at least one financial institution record; and generating a report comprising the transformed client data.

First claim

What is claimed is:

1 . A system comprising:
a memory device having computer readable program code store thereon; and a processing device operatively coupled to the memory device, wherein the processing device is configured to execute the computer readable program code to:
receive at least one document comprising client tax data during an on-boarding process for a financial institution;
validate the at least one document by:
identifying a schema for the at least one document, and
determining that the at least one document comprises input in all fields based on the schema;

extract tax data from the at least one document;
receive at least one financial institution record associated with the client, wherein the at least one financial institution record is received from a database;
compare the tax data to the at least one financial institution record to identify inconsistencies;
transform client data based on the comparison of the tax data to the at least one financial institution record; and
generate a report comprising the transformed client data.

2 . The system of claim 1 , wherein the processing device is further configured to execute the computer readable program code to:
identify U.S. indicia associated with the client in at least one of the tax data and the financial institution record; determine whether the U.S. indicia can be cured according to predetermined rules; cure the U.S. indicia by modifying at least one of the tax data and the financial institution records; and update the onboarding process after the U.S. indicia is cured.

3 . The system of claim 1 , wherein the processing device is further configured to execute the computer readable program code to:
identify differences in anti-money laundering data in the tax data and the financial institution records; determine when the differences in anti-money laundering data between the tax data and the financial institution records require a change in circumstances review; and alert a user to the need for a change in circumstances review.

4 . The system of claim 3 , wherein the processing device is further configured to execute the computer readable program code to:
monitor the financial institution data over time; determine a change in the anti-money laundering data; and determine whether a tax document should be revised based on the change in the anti-money laundering data.

5 . The system of claim 4 , wherein the processing device is further configured to execute the computer readable program code to:
generate a revised tax document based on the change in the anti-money laundering data; and provide the revised tax document to a user.

6 . The system of claim 1 , wherein the report comprising the transformed client data is customized for the client based on U.S. indicia associated with the client, wherein a client that has U.S. indicia is onboarded according to U.S. rules and wherein a client that does not have U.S. indicia is onboarded according to non-U.S. rules.

7 . The system of claim 1 , wherein the processing device is further configured to execute the computer readable program code to:
populate the transformed tax data to other departments of the financial institution.

8 . A computer program product, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:
an executable portion configured to receive at least one document comprising client tax data during an on-boarding process for a financial institution; an executable portion configured to validate the at least one document by:
identifying a schema for the at least one document, and
determining that the at least one document comprises input in all fields based on the schema;
an executable portion configured to extract tax data from the at least one document; an executable portion configured to receive at least one financial institution record associated with the client, wherein the at least one financial institution record is received from a database; an executable portion configured to compare the tax data to the at least one financial institution record to identify inconsistencies; an executable portion configured to transform client data based on the comparison of the tax data to the at least one financial institution record; and an executable portion configured to generate a report comprising the transformed client data.

9 . The computer program product of claim 8 , wherein the computer-readable program code portions further comprise:
an executable portion configured to identify U.S. indicia associated with the client in at least one of the tax data and the financial institution record; an executable portion configured to determine whether the U.S. indicia can be cured according to predetermined rules; an executable portion configured to cure the U.S. indicia by modifying at least one of the tax data and the financial institution records; and an executable portion configured to update the onboarding process after the U.S. indicia is cured.

10 . The computer program product of claim 8 , wherein the computer-readable program code portions further comprise:
an executable portion configured to identify differences in anti-money laundering data in the tax data and the financial institution records; an executable portion configured to determine when the differences in anti-money laundering data between the tax data and the financial institution records require a change in circumstances review; and an executable portion configured to alert a user to the need for a change in circumstances review.

11 . The computer program product of claim 10 , wherein the computer-readable program code portions further comprise:
an executable portion configured to monitor the financial institution data over time; an executable portion configured to determine a change in the anti-money laundering data; and an executable portion configured to determine whether a tax document should be revised based on the change in the anti-money laundering data.

12 . The computer program product of claim 11 , wherein the computer-readable program code portions further comprise:
an executable portion configured to generate a revised tax document based on the change in the anti-money laundering data; and an executable portion configured to provide the revised tax document to a user.

13 . The computer program product of claim 8 , wherein the report comprising the transformed client data is customized for the client based on U.S. indicia associated with the client, wherein a client that has U.S. indicia is onboarded according to U.S. rules and wherein a client that does not have U.S. indicia is onboarded according to non-U.S. rules.

14 . The computer program product of claim 8 , wherein the computer-readable program code portions further comprise:
an executable portion configured to populate the transformed tax data to other departments of the financial institution.

15 . A method comprising:
receiving, by a processing device, at least one document comprising client tax data during an on-boarding process for a financial institution; validating, by the processing device, the at least one document by:
identifying a schema for the at least one document, and
determining that the at least one document comprises input in all fields based on the schema;
extracting, by the processing device, tax data from the at least one document; receiving, by the processing device, at least one financ

Assignees

• Bank Of America

Inventors

• Maguire Matthew
• Reddy Kumara Swarmy Reddy Kariyappa
• Noreika Matthew Eric
• Kallikadavil Arun
• Redman Suzanne

Classifications

• G06Q40/123 Primary

  Tax preparation or submission · CPC title