Angular Financial

01/16/2025

Income Tax Time! Too busy to come into the office??? File Remotely via Secure Link with Urban AZ Financial. Click the Client Portal below to begin:

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01/13/2025

Watch out! Its EITC and Financial Product scamming season!!!

EITC and Financial Product Scamming Season refers to the time of year when scammers and unethical tax preparers exploit individuals during tax season, particularly targeting those eligible for the Earned Income Tax Credit (EITC) or seeking financial products like refund advances.

Here's a breakdown:

What is EITC?

The Earned Income Tax Credit (EITC) is a refundable tax credit for low-to-moderate-income individuals and families, particularly those with children. It is designed to incentivize work and reduce poverty.

The amount of the credit depends on:
• Income level
• Filing status
• Number of qualifying dependents

EITC can result in significant refunds, which makes it a prime target for scams.

What Happens During EITC Scamming Season?

Scammers and unethical tax preparers exploit EITC-eligible taxpayers in the following ways:

1. Inflating Income:
Some preparers fraudulently inflate a taxpayer's income to maximize the EITC amount, leading to higher refunds.

This can result in audits, penalties, or repayment demands for the taxpayer.

2. Falsifying Dependents:
Scammers may falsely claim children or other dependents to qualify taxpayers for a higher EITC.

3. Excessive Fees:
Predatory preparers may charge hidden or exorbitant fees for "guaranteed refunds," often targeting vulnerable individuals.

4. Stealing Refunds:
Fraudsters may have refunds deposited into their own accounts rather than the taxpayer's.

What is Financial Product Scamming Season?

This refers to scams related to financial products marketed during tax season, like:

• Refund Advances: High-interest, short-term loans offered against expected refunds.

• Prepaid Debit Cards: Refunds loaded onto prepaid cards with hidden fees or scams where funds are siphoned off.

• Instant Refunds: Misleading services where taxpayers receive part of their refund upfront but lose significant amounts to fees or fraud.

How to Avoid EITC and Financial Product Scams

1. Use Reputable Tax Preparers:
Verify credentials (e.g., IRS PTIN) and check for red flags like "guaranteed refunds."

2. Never Sign Blank Returns:
Always review your tax return before signing and ensure accuracy.

3. Check for Hidden Fees: Understand all charges before agreeing to services.

4. Protect Your Refund:
Have refunds directly deposited into your account, not the preparer's.

5. Beware of Too-Good-To-Be-True Offers:
High refund promises or aggressive marketing often signal scams.

We at Urban AZ Financial believe educating taxpayers about these risks is key to avoiding audits, penalties, or losing out on their hard-earned money.

Urban AZ Financial. “We make the complex simple”

Call (623) 226-7948 for an appointment today.

Can’t make it to our office? We offer remote filing too!

[email protected]
Www.UrbanAZFinancial.com

2828 N Central Avenue
Suite 1004 (10th Fl)
Phoenix, AZ 85004

Expert income tax preparation for personal and business - Local State LLC setup, Wyoming (Private) LLC for business owners & entrepreneurs. FinCEN BOI LLC reporting & Filing - $99. We make the complex simple.

12/27/2024

Failure to file the required Beneficial Ownership Information (BOI) may lead to significant legal, financial, and operational consequences. These can include INCOME TAX PROBLEMS! The IRS reports your LLC’S TAX ID – EIN # to FinCEN!
________________________________________
1. Civil Penalties
• The IRS or the reporting authority may impose substantial fines for failure to file or for late filing. These penalties can range from hundreds to thousands of dollars, depending on the jurisdiction and duration of non-compliance.
• Additional penalties may apply if incorrect or incomplete information is submitted.
________________________________________
2. Criminal Charges
• Intentional failure to file or willful misrepresentation in a BOI filing may result in criminal prosecution.
• Criminal penalties could include hefty fines or, in severe cases, imprisonment.
________________________________________
3. Investigations and Audits
• Non-compliance may trigger heightened scrutiny, such as IRS audits or investigations by other regulatory agencies.
• The business entity may be flagged for review, delaying transactions and operational activities.
________________________________________
4. Loss of Legal Protections
• Businesses that fail to comply may lose certain limited liability protections, exposing owners to personal liability for debts or lawsuits.
________________________________________
5. Regulatory Sanctions
• Non-filing could result in sanctions by state or federal regulatory bodies, such as suspension or revocation of licenses to operate.
• Foreign entities doing business in the U.S. may face expulsion or restrictions.
________________________________________
6. Jeopardizing Transactions
• Failure to file may disrupt financial transactions, such as opening bank accounts, securing loans, or transferring ownership, as BOI filings are increasingly required for due diligence purposes.
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7. Reputational Damage
• Businesses and individuals associated with non-compliance could face reputational harm, potentially deterring investors, partners, or clients.
________________________________________
Recommendations
• File promptly: Ensure timely and accurate submission of BOI to the relevant agency.
• Consult professionals: Engage with a tax attorney, accountant, or compliance specialist to navigate BOI requirements.
• Stay updated: Monitor updates in regulations to remain compliant with evolving BOI rules.
By understanding and addressing these potential implications, businesses and individuals can mitigate risks and ensure adherence to the law. Urban AZ Financial can file and report your LLC – BOI to FinCEN for you with verified filing. We make the complex Simple!

Call now to connect with business.

12/26/2024

🚨 URGENT: LLC Reporting Compliance Required! 🚨

Failing to file your BOI (Beneficial Ownership Information) report can result in:

Fines up to $10,000
2 years in prison
$500/day for non-compliance

Of course, you can file it yourself—just like filing taxes. But if you don’t have the time or know-how, Urban AZ Financial will file and report the BOI for your LLC for you. With verified filing!

Call us now at 623-226-7948 or visit www.UrbanAZFinancial.com.

We make the complex simple. Don’t wait...

Expert income tax preparation & LLC setup, Local & Wyoming LLC for entrepreneurs. We make the complex simple.

11/23/2024

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💬 Got questions? Comment below or DM us!

10/20/2024

Hey, Have You Heard About This New Federal Requirement for your LLC?

We wanted to reach out to you directly because something important has come up that could really affect your business—this new federal rule about reporting your LLC’s Beneficial Ownership Information (BOI).

We know this probably sounds like a headache (and let’s be honest, it kinda is), but stick with us (Urban AZ Financial) because we’ve got your back, and we’ll get through this together.

Here’s the deal:
If you’ve got an LLC, the U.S. government (through an agency called FinCEN – the Financial Crimes Enforcement Network) is now requiring you to file your LLC’s BOI by January 1, 2025. Doesn’t matter if you’ve been in business for a while or just got started this year—this new rule applies to everyone.

What You Need to Know:
• Any LLC filed in 2024 or prior must file its LLC’s BOI by January 1, 2025 to avoid penalties.
• LLCs formed in 2024 must file within 90 days of the LLC's approval.
• Dissolving an LLC after January 1, 2024 does not exempt you from filing. You still need to report the ownership information for the time it was active.

Failure to file on time will result in daily penalties, enforced by FinCEN in cooperation with the IRS, which will cross-reference your LLC’s EIN and ownership details. This is not a scam; this reporting is required under the Corporate Transparency Act (CTA) (31 U.S.C. § 5336) and is fully enforceable by law.

• For more details on this law, please visit the official U.S. government website:
https://www.fincen.gov/boi

FinCEN is a bureau of the U.S. Department of the Treasury, tasked with safeguarding the financial system from illicit use and promoting national security through the collection of financial information.

Now that we’ve got that out the way, what happens if you don’t file?

Well, here’s where it gets serious. If you don’t file your LLC’s BOI by the deadline, you could be looking at some pretty nasty fines—like $591 a day (yeah, per day) up to $10,000, and even possible jail time. No joke. And the IRS is in on this too, so they’ll be sharing info and keeping track. The clock is ticking!

Why does this matter to you?
Let’s be real—running a business and/or having an LLC is tough enough without getting hit with extra fines and paperwork. You’re working hard, and the last thing you need is a federal agency breathing down your neck, right? This new rule probably wasn’t on your radar, and that’s totally understandable, but ignoring it isn’t an option.

Whether your LLC was filed a few years ago or just this year, you’ve got to file this BOI or face the consequences. Even if you dissolved your LLC recently, the deadline to avoid this was January 1, 2024 (and let’s be honest, most people didn’t even know about it). But don’t worry—we’ve got the solution to help you get compliant, no matter what.

Here’s how we can help you out:
At Urban AZ Financial, we’re making this whole process easy for you. We’ll handle the filing, take care of the paperwork, and make sure you meet all the federal requirements—before the fines start adding up. Plus, we’re offering this at a price that’s a whole lot lower than what others will charge. Why? Because we care about helping you and making your life easier.

We know you’ve got enough on your plate, so let us take this off your hands.

What’s the next step?
Reach out to us, and we’ll get started right away. You can hit us up at 623-226-7948 www.UrbanAZFinancial.com to get things moving. Don’t wait until you’re staring at a big fine or worse. We’ve got this covered for you!

You’ve worked hard to build your business, and we’re here to protect it. Let's keep you compliant and stress-free.

Talk to you soon,
Eric Brown
Urban AZ Financial
2828 N Central Avenue, Suite 1004
Phoenix, AZ 85004
623-226-7948

www.UrbanAZFinancial.com
"We make the complex simple."
“Providing service AND solving your problems”

10/19/2024

IRS Guidance for Thieves, Drug Dealers, and Corrupt Officials….

Did you know that IRS Publication 17, which helps taxpayers determine how to report their income, is extremely detailed. Its section on “Other Income” has some of the most fascinating sorts of income you are obligated to report.

Here are three that stand out:

Bribes
If you receive a bribe, include it in your income.

Illegal activities
Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.

Stolen property
If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.

As you can see, Publication 17 is very helpful to a variety of villains and dishonest folk. There is some interesting case law on the subject; the Sixteenth Amendment, which allows Congress to levy an income tax, comes into conflict with the Fifth Amendment, which includes a right against self-incrimination.

The conclusion of the matter is unsurprising; it would be absurd to exempt criminals from reporting income on their tax forms while asking it of honest workers. However, Fifth Amendment privilege allows one to report illegal income without revealing its precise source.

The constitutional questions are tricky, but this is a good neutral tax policy from the IRS. In a nice touch, income from stolen property is offset with deductibility of many classes of stolen property.

The main concern with these classes of taxable income, obviously, is compliance. Thieves do not make for honest taxpayers…most of the time.

10/10/2024

DO YOU HAVE AN LLC??? If you do. Listen Up! LLC BOI Reporting requirements are in effect! Approximately 80 days left. If not filed on time you will be assessed by the government (FinCEN) a fine of $591 per day and up to 2 years in jail. This daily penalty accumulates quickly, creating a substantial financial burden.

They know who you are because they have your tax Id # (EIN) of your business and your SS # when you applied and the Secretary of State or Corporate Commission where you file for your LLC is public record!

The penalties for not filing a Beneficial Ownership Information (BOI) report can be severe, including civil and criminal penalties:
• Civil penalties
As of January 25, 2024, the penalty is $591 per day for each day a report is late, up to a maximum of $10,000.
• Criminal penalties
The penalty is up to two years in prison for willfully failing to file a report, or for submitting false or inaccurate information.

Both individuals and corporate entities can be held liable for violating BOI reporting requirements. Senior officers of an entity that fails to file a report may also be held accountable.

There is a safe harbor from penalty if a person voluntarily submits a report correcting inaccurate information within 90 days of the original report deadline.

WHAT TO DO??? File immediately!
We can file for you if you don’t know how or don’t have the time.
Call Urban AZ Financial today at 623-226-7948.
https://www.urbanazfinancial.com/BOI-Filing-Reporting-FinCEN-CTA

10/07/2024

ARE YOU A BUSINESS OWNER?

HAVEN'T FILED YOUR TAXES IN YEARS?

LOOKING FOR AN IRS FRESH START?

ONLY 9 DAYS LEFT!

EXTENSION FILING DEADLINE: OCTOBER 15, 2024

FOR SCHEDULE C (1040), SELF-EMPLOYED, SINGLE MEMBER LLCs, AND CORPORATIONS (1120)

NEED HELP FROM A QUALIFIED TAX PROFESSIONAL TO GET YOUR BUSINESS READY FOR FILING?

URBAN AZ FINANCIAL – We Make the Complex Simple.
(623) 226-7948 www.UrbanAZFinancial.com

08/28/2024

Want a free business website? Sign up today for your LLC (Articles Of Organization), EIN, DBA, Biz Phone #, Biz Email, Domain Name (www), Statutory Agent all for just $349! Sign up while the offer lasts and get your business website built for you for FREE! Call us today while the offer lasts at (623) 226-7948

Expert income tax prep & LLC setup for entrepreneurs. Simplify your finances today.

08/05/2024

Need Extra Income? Unlock Your Business Potential with Urban AZ Financial! Start Your Business for Just $299! Need business idea? or help?

Are you ready to turn your business dreams into reality? Look no further! At Urban AZ Financial, we specialize in setting up legal business entities such as LLCs and INCs. For only $299, you get:

LLC Setup
EIN Registration
DBA Filing
Business Email
Business Phone Number
Domain Name (www)
Statutory Agent

Yes, you heard that right. All of this for just $299! And we’ll get you started right away.

Need More Services? We've Got You Covered!
Business Plan: We create detailed and professional business plans tailored to your needs.

Business Website: Get a sleek, modern website that drives traffic and enhances visibility.

Business Credit: Establish and build your business credit with our expert assistance.

Why Choose an LLC?
An LLC can save you on taxes by allowing you to write off expenses and deductions you wouldn't normally be able to. Plus, it might help you get a bigger income tax refund.

Free Consultation!
Call us today for a FREE consultation! That's right, no charge to consult. We’ll help you start your business, create a business plan, establish business credit, and set up a professional website.

Also Personal & Business taxes all year around! Back Taxes Too!

Call Now: 623-226-7948
Visit us at www.UrbanAZFinancial.com

Urban AZ Financial - We make the complex simple.