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.
>>>
>>> *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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