Biden Tax Proposal Could Boost Tax Master Network's Core Service

Rhea-AI Summary

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.

Positive

• Increased demand for Tax Master Network's services due to potential corporate tax rate hike.
• Opportunity for membership growth in TMN's tax planning platform.

Negative

• Potential risks associated with reliance on legislative changes to drive business growth.

CINCINNATI, May 6, 2021 /PRNewswire/ -- Financial Gravity Companies Inc. (OTCQB: FGCO) announced that the corporate tax increase included in President Biden's $2 trillion infrastructure package, could juice even more demand for their subsidiary Tax Master Network's tax planning service. "Choosing the right entity structure is a fundamental question for every business owner," said TMN CEO Edward A. Lyon. "This bill affects every business operating as a C corporation or including a C corporation in their entity mix."

In April, Biden announced plans to raise the corporate tax rate from 21% to 28%. That higher rate could upend the current balance between passthrough entities taxable corporations. Naturally, business owners could look for ways to minimize the change. This could drive membership to TMN's planning platform. Implementing those strategies could drive demand for Financial Gravity's broker-dealer, insurance, and turnkey asset management provider arms.

TMN provides a platform for CPAs, EAs, and financial advisors to use proactive tax planning to protect their clients from the brunt of higher taxes. Members enjoy several SAAS-based planning and client contact tools, plus a comprehensive suite of marketing, sales, and technical tax training resources. The network helps members transform from typical volume-based businesses into more-profitable margin-based business. Interested professionals can visit www.TaxMasterNetwork.com to learn more.

About Financial Gravity Companies, Inc.
Financial Gravity Companies, Inc. is the parent company of the best of bread stock brokerage, investment advisory, asset management, tax planning for business and personal, and financial advisor services companies. Financial Gravity's mission is to provide truly comprehensive financial guidance through our unique combination of services that include tax planning and the ability to deliver in-depth advice on a comprehensive range of investment services and products. For investment advisors, tax advisors, and financial advisors we provide platforms to access proprietary and non-proprietary tools and services to deliver what is best for clients, all coupled with technology to deliver a state-of-the-art experience. www.financialgravity.com

Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from the current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Financial Gravity's business, and Financial Gravity undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

View original content:http://www.prnewswire.com/news-releases/biden-tax-proposal-could-boost-tax-master-networks-core-service-301285229.html

SOURCE Financial Gravity Companies, Inc.

FAQ

What is the impact of Biden's tax proposal on FGCO?

Biden's tax proposal could increase demand for Financial Gravity's subsidiary, Tax Master Network, as business owners seek tax planning solutions.

What corporate tax rate is proposed in Biden's infrastructure package?

The proposed corporate tax rate is set to increase from 21% to 28%.

How does Financial Gravity plan to benefit from the tax increase?

Financial Gravity anticipates that the tax increase will drive more business owners to utilize Tax Master Network's tax planning services.

What services does Tax Master Network provide?

Tax Master Network offers proactive tax planning tools and resources for CPAs, EAs, and financial advisors.

What is the stock symbol for Financial Gravity Companies?

The stock symbol for Financial Gravity Companies is FGCO.