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.
>
> *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> 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> 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> 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> wrote:
>>>>
>>>>> Got our supposedly to be forgiven $10K loan today. We shall see...
>>>>> --
>>>>> AF mailing list
>>>>> AF@af.afmug.com
>>>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>>>>>
>>>> ------------------------------
>>>> --
>>>> AF mailing list
>>>> AF@af.afmug.com
>>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>>>> --
>>>> AF mailing list
>>>> AF@af.afmug.com
>>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>>>>
>>> ------------------------------
>>> --
>>> AF mailing list
>>> AF@af.afmug.com
>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>>> --
>>> AF mailing list
>>> AF@af.afmug.com
>>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>>>
>> ------------------------------
>> --
>> AF mailing list
>> AF@af.afmug.com
>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>> --
>> AF mailing list
>> AF@af.afmug.com
>> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>>
> ------------------------------
> --
> AF mailing list
> AF@af.afmug.com
> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>
> --
> AF mailing list
> AF@af.afmug.com
> http://af.afmug.com/mailman/listinfo/af_af.afmug.com
>
--
AF mailing list
AF@af.afmug.com
http://af.afmug.com/mailman/listinfo/af_af.afmug.com
