Currently Sales and Use Tax returns for various taxing authorities including the City of Chicago as well as the State of Illinois are processed manually. Most Cities and States currently have no ability to electronically process electronically filed Sales and Use Tax returns. Although Sales and Use Tax returns for some States can be filed electronically, such returns are processed manually. The longer the processing time, the more time before the Cities and the States have access to the tax revenue. Setting up a system to enable electronic filing and electronic processing of Sales and Use Tax returns is a major potential breakthrough.
In order to speed up the process and thus speed up the receipt of revenues by the taxing authorities, PTP ONECLICK, LLC has a fully automated system that enables electronic filing and processing of Sales and Use Tax returns. PTP ONECLICK’s system is configured to receive electronic filings, and can be configured to electronically process the electronically filed Sales and Use Tax returns. Also, the system has the ability to collect and deposit the tax revenue collected in bank accounts designated by the participating taxing authorities. Thus providing for faster revenue collection.
Based on filing frequencies required by the States and the Local Governments, PTP ONECLICK’s system is fully configured to implement the business rules by populating the data and generating all forms required for filing. The system can support virtually all forms (State and Local) and can easily be configured to support new forms, as well as, process e-filed returns with revised filing frequencies. Furthermore, the system will automatically collect the tax payments by credit card or electronic funds transfer on behalf of the taxing jurisdictions and deposit the money (tax revenue) into accounts designated by the tax jurisdictions. The system will automatically provide the tax jurisdictions with customized tax revenue collection and deposit reports.
PTP ONECLICK, LLC proposes to provide the system to the taxing authorities at cost. The ongoing electronic filing and processing of tax returns will be free of charge to the taxing authoirities. Depending on the number of filings, PTP ONECLICK, LLC proposes a reasonable fixed charge per e-file (tax transaction) which can be borne by the e-filer (business entity). The system can be implemented for initial operation within 6 to 12 months, based on form priority and tax jurisdiction requirements. |