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Financial Gravity Companies, Inc. (OTCQB: FGCO) filed a Form 15 with the SEC on January 27, 2023, to terminate its common stock registration and suspend reporting obligations. This decision comes as FGCO has fewer than 300 common stock holders and under $10 million in assets, which allows for deregistration. CEO Scott Winters stated that this move will reduce compliance costs and refocus management on company growth. After 90 days, the company's reporting duties will cease, though it intends to continue disclosing financials via OTC Markets. FGCO's stock will remain quoted on the Pink Sheets if market makers show interest.
Financial Gravity Companies (OTCQB: FGCO) announced an upgrade to its Tax Ninja software through its Tax Master Network (TMN) subsidiary. The new 'import tax return' feature allows users to OCR import PDFs of tax returns, enhancing data extraction and minimizing errors. TMN aims to assist tax professionals in adapting to competition from firms like Intuit, emphasizing the need for evolution in services. Membership in TMN saw over a 50% increase in 2021, indicating a growing opportunity for tax professionals to offer high-value planning services.
Financial Gravity Companies (OTCQB: FGCO) announced that CEO Scott Winters' book, The 10X Financial Advisor, has been recognized by Investopedia.com as one of the '9 Best Books for Financial Advisors in 2021'. The book provides a roadmap, named the Quantum Leap Success Formula, aimed at helping both new and experienced financial advisors enhance their practices and marketing strategies. Winters expressed gratitude for the recognition, highlighting its significance as the company focuses on onboarding new advisors and validating their business concepts.
Financial Gravity Companies, Inc. (OTCQB: FGCO) announced the appointment of Todd Oligino as its new Chief Financial Officer. Oligino, who has substantial experience in finance, previously served as CFO of Altriarch Capital Management and helped launch Quadrant Structured Investment Advisers. CEO Scott Winters expressed confidence in Oligino's ability to drive revenue growth and expand margins. Oligino's background includes work in investment banking and auditing, positioning him as a knowledgeable asset for Financial Gravity.
Financial Gravity Companies Inc. (OTCQB: FGCO) addressed flaws in ProPublica's report titled The Secret IRS Files, which criticized billionaires for low tax payments relative to wealth growth. Chief Tax Strategist Edward Lyon defended that gains are not counted as 'income' until sold, illustrating this with Warren Buffett's tax situation. Financial Gravity's Tax Master Network trains CPAs to offer tax and wealth management services, enhancing their professional capabilities. The company emphasizes that their tax strategies are legal and ethical, asserting no obligation to pay more tax than required.
Financial Gravity Companies (OTCQB: FGCO) announced the launch of Tax Master Network's Tax Operating System® 2.0 on June 17, 2021. This enhanced SaaS tool automates tax management processes, integrating seamlessly with CRMs to improve efficiency and reduce errors. TMN CEO Ed Lyon highlighted that the new version saves time and minimizes costly mistakes that could attract IRS scrutiny. TMN helps tax professionals become Family Office Directors, providing tools and training for integrated wealth management services. The update aims to enhance service delivery and client satisfaction.
Financial Gravity Companies Inc. (OTCQB: FGCO) announced that the proposed increase in corporate tax rates from 21% to 28% could lead to greater demand for its subsidiary, Tax Master Network's, tax planning services. The company highlighted that this tax change could influence business owners to seek ways to minimize tax impacts, potentially increasing TMN's membership. The platform offers CPAs and financial advisors tools and resources for proactive tax planning, helping transform businesses into more profitable operations.
Financial Gravity Companies, Inc. (OTCQB: FGCO) will host a virtual informational meeting for shareholders on March 25, 2021, at 3:00 p.m. CST due to the COVID-19 pandemic. The meeting will feature key executives, including CEO Scott Winters and CFO Paul Williams, discussing the company's accomplishments, trends, and vision. Access to the meeting can be obtained through the company’s website. Financial Gravity Companies, Inc. specializes in comprehensive financial services, including tax planning and investment advisory, aiming to deliver state-of-the-art solutions.
Financial Gravity Companies subsidiary, Forta Financial Group, has completed a merger with Vestus Group and NCW Group, enhancing its wealth management services. This strategic move aims to increase revenue and assets under management (AUM) while leveraging additional expertise in systems and infrastructure. Key executives from the acquired firms, Mark Williams and Bryce Hamilton, will take on significant roles to improve operational efficiency and distribution channels. Scott Winters, Financial Gravity's CEO, emphasizes the value of their extensive experience in wealth management.
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