I think Josh is referring to a situation typically in an LLC or S-Corp where someone runs the company but takes little or no salary and then takes large distributions to avoid FICA and social security.
From: AF [mailto:af-boun...@af.afmug.com] On Behalf Of ch...@wbmfg.com Sent: Monday, April 20, 2020 1:17 PM To: AnimalFarm Microwave Users Group <af@af.afmug.com> Subject: Re: [AFMUG] OT guvmnt loan 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. From: Josh Luthman Sent: Monday, April 20, 2020 12:04 PM To: AnimalFarm Microwave Users Group 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<mailto: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... From: Josh Luthman Sent: Monday, April 20, 2020 10:37 AM To: AnimalFarm Microwave Users Group 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<mailto:ch...@wbmfg.com>> wrote: We are still going to keep it sequestered. I should have been paying myself... From: Josh Luthman Sent: Monday, April 20, 2020 9:02 AM To: AnimalFarm Microwave Users Group 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<mailto: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. From: Lewis Bergman Sent: Saturday, April 18, 2020 6:09 PM To: AnimalFarm Microwave Users Group 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<mailto:ch...@wbmfg.com>> wrote: Got our supposedly to be forgiven $10K loan today. We shall see... -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com ________________________________ -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com ________________________________ -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com ________________________________ -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com ________________________________ -- AF mailing list AF@af.afmug.com<mailto:AF@af.afmug.com> http://af.afmug.com/mailman/listinfo/af_af.afmug.com ________________________________ Total Control Panel Login<https://asp.reflexion.net/login?domain=litewire.net> To: ja...@litewire.net<https://asp.reflexion.net/address-properties?aID=242260993&domain=litewire.net> From: af-boun...@af.afmug.com<mailto:af-boun...@af.afmug.com> You received this message because the domain afmug.com is on your allow list.
-- AF mailing list AF@af.afmug.com http://af.afmug.com/mailman/listinfo/af_af.afmug.com
