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.
>>
>> *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...
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