Re: [AFMUG] OT guvmnt loan

Tue, 21 Apr 2020 08:19:41 -0700

That's essentially what our $15K/year was. $7.50/hour X 40 hours X 50 weeks = $15K. Not that we only worked 40 hours, or 50 weeks, but still.


bp
<part15sbs{at}gmail{dot}com>
On 4/21/2020 6:22 AM, Josh Luthman wrote:
Did you actually get away with minimum wage?

Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373


On Mon, Apr 20, 2020 at 7:36 PM Lewis Bergman <lewis.berg...@gmail.com> wrote:
Minimum wage

On Mon, Apr 20, 2020, 6:18 PM Keefe John <kj...@ethoplex.com> wrote:
What's your idea of a token salary in respect to an S-Corp?

Keefe 

   

On Mon, Apr 20, 2020, 1:21 PM Bill Prince <part15...@gmail.com> wrote:

We did not pay ourselves for the first 2 or 3 years of our S-corp. However, our accountant advised us to pay ourselves a token salary to avoid troublesome revenuers.

bp
<part15sbs{at}gmail{dot}com>
On 4/20/2020 11:17 AM, ch...@wbmfg.com wrote:
Corporation
I am a minority shareholder. 
My wife is the majority shareholder.  But you still don’t have to pay shareholders anything. 
If they are on the board of directors they can earn a directors fee. 
 
Sent: Monday, April 20, 2020 12:04 PM
Subject: Re: [AFMUG] OT guvmnt loan
 
I thought it was bad to have a business and not pay the owners "a reasonable salary".
 
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
 
 
On Mon, Apr 20, 2020 at 12:46 PM <ch...@wbmfg.com> wrote:
dunno...  Why pay FICA for myself when I don’t need to?   I can take a repayment on notes payable if I want money without any tax implication.  Or I can take a directors fee without FICA if I want to take money.  But what in the hell am I going to do with a bunch of money in my checking account?  I can buy more TSLA I guess.  I would rather have a Mincon pneumatic hammer drill setup for my directional drills. 
 
Resisting the urge to buy a Tesla or an airplane.  I do miss the C-210 with known ice capability.  But an ultralight would be more fun. 
Could do a sailboat but I would probably never use it.   I used to sail on the Great Salt Lake. 
 
I am just fortunate to be semi-retired and not really wanting for anything. 
Other than visits from kids and grandkids. 
 
In other words “I have sufficient for my needs”.
Maybe a water jet or a CNC laser...
 
Sent: Monday, April 20, 2020 10:37 AM
Subject: Re: [AFMUG] OT guvmnt loan
 
Why were you not?
 
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
 
 
On Mon, Apr 20, 2020 at 11:19 AM <ch...@wbmfg.com> wrote:
We are still going to keep it sequestered.  I should have been paying myself...
 
Sent: Monday, April 20, 2020 9:02 AM
Subject: Re: [AFMUG] OT guvmnt loan
 
It's my understanding that in 8 weeks all you have to do is prove you did payroll for 75% of the amount loaned.  In your case, show 90k came out of the account to payroll.  The reports that the payroll company does, I'm told, should suffice.
 
Josh Luthman
Office: 937-552-2340
Direct: 937-552-2343
1100 Wayne St
Suite 1337
Troy, OH 45373
 
 
On Sun, Apr 19, 2020 at 12:17 PM <ch...@wbmfg.com> wrote:
Lewis,
Are you taking any special measures to be able to prove you used the loan proceeds for approved uses?
Kinda hard when they get comingled with other funds in a general checking account. 
I think we put them in a separate savings account. 
 
Sent: Saturday, April 18, 2020 6:09 PM
Subject: Re: [AFMUG] OT guvmnt loan
 
$10k? How many people do you have? I think I got nearly $500k between all the companies.
 
On Sat, Apr 18, 2020, 7:01 PM <ch...@wbmfg.com> wrote:
Got our supposedly to be forgiven $10K loan today.  We shall see...
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