Stimulus

Quote: RonC

It is a program we have needed to stop for a long time. One example of abuse was Disney hiring IT workers, having their old staff train them, and then letting go of people that were perfectly capable of the jobs in order to use cheaper immigrant labor. The program was meant to fill gaps, not to replace jobs already filled.

I hated the abuse of the program before and hate it still. It points to way more than Trump or his son-in-law; it has survived both Democrat and Republican administrations and Congresses for 30 years.

I'd like to see the program shut down for this year and totally reviewed to curt down on abuse before it is ever restarted.

https://www.zerohedge.com/economics/dhs-ditches-additional-guestworker-visas-after-spike-unemployment


I would be fine with letting Americans do this ag work under the table during this crisis. College students, laid off workers anyone. America needs this work done, all of us do. For the good of the country, and workers struggling to get by on UI are welcome afaic to do this work tax free, and collect any other benefits they can.

Quote: Gandler

There will be, it has not been released yet.

If you receive your refunds in Direct Deposit, they will automatically use your most recent information unless you contact them otherwise.

I am not sure if my wife will get a check but I don't think I will. We file as Married but have not had a refund in about 20 years.

Quote: DRich

Anybody understand how the Stimulus checks ($1200) are going to be electronically disbursed to people who have never got a direct depost refund?

I was assuming the IRS would have a site where we could enter it but I can find no such place. I have heard that paper checks may take up to five months.

I think they send it to somebody impersonating you in Russia, then you have to file a claim.

Quote: DRich

Big mistake. The business will show more profits and incur more taxes.

They sold it a few years ago. They’re “semi-retired” now.

Quote: AZDuffman

In college we were taught flat out that if you need a regular weekly salary then owning a business is not for you.

Works on the non business college
level, sucks in the real world.
Especially with the IRS and banks.
Try getting a loan by saying you
have no salary, you just stuff the
profits in your pocket. You have
no business plan, that's what banks
and IRS love to hear.

Quote: DRich

I agree with Bob. You should always take a salary if you own the business.

When the bar was bought 40
years ago, we had to get a
business loan. We absolutely
had to take a salary to get a
loan from the bank. The CPA
we got wouldn't even take
customers that stuffed the
profit under their mattress
and didn't take a salary. He
wanted no IRS headaches.

Quote: DRich

Big mistake. The business will show more profits and incur more taxes.

Absolutely. I know a guy that did
that with a family buffing business
and almost went to prison when
the IRS caught up with him. They
dogged him till he finally died from
stress and heart problems.

Guys, come on! My company was what I believe is called an S corporation. We paid ZERO in taxes. ZERO. All you had to do was distribute all the money that we made by December 31. So the corporation had zero profit. Each member who received money got a K-1 form. I was individually responsible to declare the income. I had to pay my own share of FICA as well as Medicare tax.
LOL at we couldn't get a loan because we didn't pay ourselves salaries! LOL! When we once needed a loan we just showed the bank our last two years collections and we got the loan. I think it took around 24 hours to approve.
On an average year I'd get around $50k in those 4 quarterly distributions. But one bad year it was $35k. A good year it was $60k. Since none of us needed a specific amount at any time, and we really couldn't be sure what it would be, it made total sense to do it the way we did.

Thinking back to my old job.... Instead of doing it fully the full distribution every quarter, we did a "draw" each month of $12k. So we 'guaranteed' ourselves $144k. Then each quarter we'd distribute whatever was left over. Maybe Bob calls a 'draw' a salary, but it really is not. As owners of the company, if there wasn't enough money to fund the $12k each month, we wouldn't get the $12k.

Just like my recent job, we emptied the account fully on December 31, and paid no corporate taxes.

Quote: SOOPOO

My company was what I believe is called an S corporation..

Corporations are totally different
from other types of businesses.
Apples and oranges. That's why
they were invented.

Although the kid who used to live at the end of the street from me when I was in high school became an ophthalmologist, he still managed to go bankrupt. He recovered I heard.

But anyway, my point, I'm sure banks are also loaning on how bankable your business is. I imagine he got a loan easily the first time.