Umbrella Brands: Democratizing Tax Services Via Empowered Entrepreneurships

The Quintessential Technology Source for Corporate Financial Professionals

Umbrella Brands: Democratizing Tax Services Via Empowered Entrepreneurships

Kevin Murphy, CEO & Founder, Umbrella BrandsKevin Murphy, CEO & Founder We live in a time where the traditional frameworks of everyday life are being revolutionised into something modern. This modern-day renaissance can be seen in all facets of our world. For instance, Airbnb has democratized and disrupted hotels, Uber has reinvented taxi services and Warby Parker and Framebridge have flipped their respective industries on their head as well to make eyeglasses and picture framing more affordable. Similarly, Umberlla Taxes is revolutionizing the domain of taxation, the lifeblood of a nation's infrastructure and its various essential machinations. The company is expanding the reach of tax and financial services for the benefit of all people within society.

Umbrella Taxes is a 100 percent minority-owned tax service bureau that provides professional tax software, bank products and support. The company offers aspiring entrepreneurs a path to financial freedom by providing licensing opportunities and assistance in opening Umbrella Taxes Licensee financial service/tax preparation offices. The company was founded for the majority of the country's earning population, i.e., the middle class, whose lack of education and assistance on taxation puts a restraint on their financial well-being. Access to this kind of taxation knowledge and its related tools and services has thus far been the sole estate of the wealthy and the affluent. The lack of this very essential resource can spell the difference between fostering a healthy state of financial affairs and bad run-ins with the IRS. As such, just about 30 percent of the country’s population can be considered financially healthy. Even tax paying citizens may not necessarily have the financial know-how to ensure that they are paying their taxes correctly. While losing out on tax saving opportunities, many carry the burden of negative debt, assets, and credit while working very hard every day, 40 hours a week, to make money.

Therefore, the value and relevance of a reliable financial services manager or taxation expert is indispensable in today's world, irrespective of any economic or social scenario. Democratizing tax and financial services in a nurturing manner is at the very heart of Umbrella Taxes. As Kevin Murphy, CEO & Founder of Umbrella Taxes states, “We are a tax service bureau that provides professional tax software, financial services, banking solutions and supports budding or seasoned entrepreneurs looking to start their own tax consultancy business.”

Umbrella Taxes' true advantage is making tax preparation low-risk and straightforward. By leveraging Umbrella Taxes’the company’s relationships with tax software providers and industry banks, the company is able to offer high-quality software at an affordable price with a variety of refund products. By combining powerful tools, a truly unique licensing/training model, and a dedicated team of tax experts, Umbrella Taxes can create a unique service that helps small businesses and middle-class people make the most of their tax-saving opportunities. In addition, the company's membership services allow their clients to have a more financially healthy life, with coaching, budgeting applications, savings, incentive programs, and access to attorneys when they want to get things taken care of via a single point of contact.

Today, Umbrella Taxes caters to about 500,000 clients, about 80 percent of whom are private individuals, consisting of low to moderate-income earners, while the remaining 20 percent are small businesses.

The Drive Behind it All

The history of how Murphy built Umbrella Taxes to the pan-national entity that it is today goes back nearly a decade to a small town outside of Waco, Texas.


We empower business owners with our personal, concierge-like training and support to provide them with the practical know-how to build, manage and grow a successful financial services business

Despite growing up in a house with 11 family members living in a two-bedroom house with no running water, Murphy was fortunate enough to be raised by two strong female north stars. His grandmother and great-grandmother never let their financial situation affect Murphy’s drive for success.And he earned it, becoming the first person in his family to go to college and successfully graduate. “I had been blessed and had that unique opportunity at an early age to meet and work with some great influential individuals. I worked with Mark Cuban, Bernie Ebbers, Dennis Kruz and Dr. Rod Paige, who was the secretary of education,” Murphy adds.

Murphy worked extensively within the tax space during this time and at one point owned about 700 tax offices around the country. But in 2009, he decided that he wanted to take everything that he learned in corporate America and the private sector and create an opportunity for others to grow and change the dynamics of their family and their wealth. Having started with about six offices, Murphy simply wanted to create a holistic opportunity for people like himself who had a dream for something better. “and that's always been my definition of an entrepreneur: ‘someone who has a dream for something better and is looking to take action,” he adds.

The Umbrella Taxes is just one entity within the ‘umbrella’ of Umbrella Brands various solutions. The entities ‘Umbrella Tax Solutions Group, Umbrella International Group’ and Umbrella Capital Group represent just the symbiotic group of different brands that offer various services, products, and solutions that help consumers with their financial health.

Creating Opportunities for Success

From developing tax software to preparing taxes to providing IRS certification training, Umbrella Taxes’ experienced and qualified team sets the company apart in the industry. “As an accredited business with the Better Business Bureau, we hold ourselves to the highest professional standards,” adds Murphy.

Umbrella Taxes’ program is very similar to a licensing model. This strategy provides more inclusion for people who normally don't have the financial backing to pay for a franchise model. Umbrella Taxes currently has over 5,000 licensees around the country that employ a network of about 40,000 independent agents working in and within their business to find customers who need financial consulting in everything from spending, saving, and planning. This is the core tenet of how Umbrella Taxes helps clients acquire customers—a personal relationship built on trust and reliability.

Needless to say, Umbrella Taxes offers aspiring entrepreneurs a path to financial freedom by providing licensing opportunities and assistance in opening Umbrella Taxes financial service/tax preparation offices. The company does this in a way that removes many traditional barriers that exist for everyday individuals to start and own a business. Umbrella Taxes gives clients the help they need to set up their tax firm, fully equipped to handle workaround business tax preparation, bookkeeping, and accounting.They work with dedicated tax preparers and other businesses that believe tax preparation and financial services would complement their existing business.

  • As an accredited business with the Better Business Bureau, we hold ourselves to the highest professional standards

“We empower business owners with our personal, concierge-like training and support to provide them with the practical know-how to build, manage and grow a successful financial services business, backed by our decades of experience, industry accolades and passion for mentoring aspiring entrepreneurs," states Murphy. Thus, Umbrella Taxes offers go-getters the tools, skills, and mentorship necessary to successfully launch a low-cost, recession-proof, high-growth business. This helps business owners gain confidence, prosperity, and freedom to live life on their terms.

In addition, Umbrella Taxes is a fully licensed continuing education (CE) provider for the IRS, and the company’s partners are trained on tax courses in the summertime. The partners learn to prepare and plan their customers' taxes and are given the opportunity to manage a team of taxpayers. Partnering with Umbrella Taxes and owning their tax and financial services office, the partners can provide their customers a year-round service. Their unique growth model allows people to come in, learn the affiliate side of the business and go-to-market to find customers. As a result, Umbrella Taxes helps companies take off with complete confidence in their tax education and training, with certifications on how to plan and prepare taxes accurately. After undergoing this level of training, partners of Umbrella Taxes can subsequently go through a tailored management program that will teach them to manage the tax and financial services operations of an organization, helping them evolve their business even further.

Working to Make a Difference, One Business at a Time

In 2019, the company chose to update its traditional business model from a financial services organization to a financial health organization to walk hand in hand with their customers, to become part of their success. From a purely business perspective, Umbrella Taxes continues to develop products and services that will help them spend, borrow, and plan better to be more prepared for the future. Being more resilient in light of COVID has been a big part of this objective, and their company was generally unaffected because of the unique space that Umbrella Taxes occupies. “None of us learned about finances in school, our parents didn't teach us. So we're continuing to focus on developing products and services that help people learn and do the math themselves," says Murphy. Umbrella Taxes’ roadmap going down the line is offering digital tech-based adult learning products. The company believes that the best way to reach customers is to meet them right where they are.

Umbrella Taxes’ ultimate goal then is to help people turn their good intentions into actionable financial steps. Umbrella Taxes is also launching a business lending program to help small businesses get access to capital and business credit. Murphy recently became a member of the leadership council for the National Small Business Association. In this role, the company will have access to work with the local government and representation to speak on behalf of small businesses, which is very important to Murphy and his personal goal. Murphy hopes to start his own online bank that caters to and targets the minority community in the upcoming years. As a result, Murphy wishes that Umbrella Taxes can one day help fill the vacuum in this regard and lead the way for a better tomorrow for people from all walks of life.

Share this Article:
Top 10 Tax Tech Solution Companies - 2021
Umbrella Brands

Company
Umbrella Brands

Headquarters
Dallas, TX

Management
Kevin Murphy, CEO & Founder

Description
The company is a tax service bureau that provides professional tax software, financial services, banking solutions, and supports budding or seasoned entrepreneurs looking to start their own tax consultancy business. Umbrella Taxes is a 100 percent minority-owned, tax service bureau that provides professional tax software, bank products and support. The company offers aspiring entrepreneurs a path to financial freedom by providing licensing opportunities and assistance in opening Umbrella Taxes Licensee financial service/tax preparation offices. The company was founded for the majority of the country's earning population, i.e., the middle class, whose lack of education and assistance on taxation puts a restraint on their financial well-being