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  1. Thread: Kickstands?

    by GoldMember
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    Um...no. Not on a good road bike.....ever. I have...

    Um...no. Not on a good road bike.....ever. I have yet to see a kickstand in Le Tour de France.
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    Erickson

    Erickson
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    R2D2

    R2D2
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    ^^ Harry Truman never stood a chance.

    ^^ Harry Truman never stood a chance.
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    Yeah, we had a couple jars of it for awhile but...

    Yeah, we had a couple jars of it for awhile but eventually tossed them.
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    Interesting....were you aware you had it? ...

    Interesting....were you aware you had it?

    Ooops.....Guess I should have read your first post.
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    Finish

    Finish
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    This is an area I have interest in. Not as an...

    This is an area I have interest in. Not as an early-stage entrepreneur but as a (former) director of a non-profit director of a tech accelerator program. It's real and meaningful for many as they are...
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    As I noted before up-thread, according to my CPA...

    As I noted before up-thread, according to my CPA with direction from their national HQ, fuel for vehicles counts. Thinking about it, if Uber and the other items you mentioned were forgivable, why...
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    ^^ Congrats! Hope it helps get you through this...

    ^^ Congrats! Hope it helps get you through this crap.
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    Bump for one of the best days of the year. And...

    Bump for one of the best days of the year. And Happy VE Day, too.
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    Everything is included except employer side of...

    Everything is included except employer side of FICA, so far as I understand it.
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    Your salary as a corporate office is forgivable....

    Your salary as a corporate office is forgivable. If you're taking distributions rather than salary, those are not eligible. Also, if you're using the money for your salary (and all other payroll...
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    Wow! Kudos to PayPal. That's really pretty...

    Wow! Kudos to PayPal. That's really pretty impressive.
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    I know. I had read that somewhere and she...

    I know. I had read that somewhere and she verified it...it's a bit shaky but do some looking around and you'll probably find something on it.

    ETA:...
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    I just had a long conversation with our CPA. The...

    I just had a long conversation with our CPA. The 25% reduction is correct according to her. Other tid-bits of interest:

    You don't have to use 75% of the entire approved amount for payroll but...
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    Yep, this.

    Yep, this.
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    ^^ Could be, I'm not sure. I just copy and pasted...

    ^^ Could be, I'm not sure. I just copy and pasted what the banker sent me. I'd have to do some digging to determine my own opinion on this. However, my problem is that we'll probably have to pay some...
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    ^^ Actually, I think this came from the bank's...

    ^^ Actually, I think this came from the bank's legal staff as their interpretation. My guy passed it along.
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    I received this today from my banker. It's still...

    I received this today from my banker. It's still a moving target but gives good guidance of how forgiveness is viewed as of an hour and fifteen minutes ago so, take it with a chunk of salt:

    The...
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    Even if you prepay the premiums for a full year,...

    Even if you prepay the premiums for a full year, they'd be amortized to a monthly basis and you'd only receive the 8 weeks worth for forgiveness.
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    This article may shed some light on the attitude...

    This article may shed some light on the attitude at the IRS regarding salary versus distributions in a small business/S Corp. In general, the ruling is that small companies must pay a reasonable...
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    Really.... Good to know. We weren't collecting...

    Really.... Good to know. We weren't collecting those expenses. Thanks for the tip.
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    One thing I misstated was the payroll portion...

    One thing I misstated was the payroll portion being net neutral if there wasn't any revenue. The employer portion of FICA isn't forgivable and, of course, any pay over $8,333.33 per month.

    I'll be...
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    The problem is, if you put them on payroll, even...

    The problem is, if you put them on payroll, even if they're not working, they go off UI. That may be tough pill for them to swallow.




    This won't be overturned as it's been established in past...
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    Yes, we're planning on bringing 2 back from...

    Yes, we're planning on bringing 2 back from layoff and hiring another at the end of this month. The goal is to get more people on payroll, not less. That's prescribed in the PPP. They want hiring to...
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    Yes, that notice is what I was working from, too....

    Yes, that notice is what I was working from, too. Our CPA is working with me on it. Here's our situation:

    Estimated Gross Income - $2,500,000 (just a number to work with at this point)
    ...
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    spoon

    spoon
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    The Grant language isn't in the IRS document. I...

    The Grant language isn't in the IRS document. I don't think it ever was intended to be in the CARES act, either (never read that document). It's loan forgiveness which isn't a grant, specifically.
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    Quinn

    Quinn
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    ^^ Correct. I meant to point that out (not...

    ^^ Correct. I meant to point that out (not included in gross income) in my post but forgot. Well, actually I did say it but maybe not clearly.

    An example; Your employer sends you on a per diem...
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    I'm seeking some advice from our accountant on...

    I'm seeking some advice from our accountant on this tax question but, as I see it, it works like this:

    SBA ultimately grants you $100,000 in forgiveness.
    You use that $100,000 as reimbursement...
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    Yeah, you're missing something in this but I need...

    Yeah, you're missing something in this but I need to get my head around it a bit for it to be more clear. What strikes me out of the gate is that whatever time you're paying your employees for is...
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    That's okay. Let them waste their time and money...

    That's okay. Let them waste their time and money on this. By the time it wends its way through the courts, we'll be back. Mostly, anyway. He's just grandstanding and the glassy-eyed sheep are sending...
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    Holy shit, dude. WTF? You're not just some kid...

    Holy shit, dude. WTF? You're not just some kid sitting in your car. Where the hell do you live that something like this happens? I know it's not Sandpoint.
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    Yeah, you're looking at it from the opposite...

    Yeah, you're looking at it from the opposite direction. If you were a single-person shop and had been taking heavy distribution and little salary, you'd have a tough time getting the non-payroll...
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    It's something of a revisionist strategy but the...

    It's something of a revisionist strategy but the issue isn't that you can't claim forgiveness, it's that you could have qualified for more money had you been payroll before. But you want to max out...
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    I think the key here is that if you've been...

    I think the key here is that if you've been taking partial pay in distributions, convert to payroll as Core Shot says. You're not allowed to reduce payroll under the program (for forgiveness) but...
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    Generally, owner distributions aren't considered...

    Generally, owner distributions aren't considered 'payroll expenses' in this. But, I'm no expert. You might want to read this article and see how you fit into the scenarios.
    ...
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    Yes but I think there's a lot of other work along...

    Yes but I think there's a lot of other work along the line of straight building and paving of roadways that got shelved. The kind of work where they need radios to communicate. Social distancing in a...
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    :D

    :D
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    I was in Washington DC several years ago and...

    I was in Washington DC several years ago and remember seeing a group of maybe 50 protesters outside the Capital with signs and bullhorns making all kinds of noise and ranting and raving about...
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    Gardner Minshew: Ahead of the curve......

    Gardner Minshew: Ahead of the curve...
    https://arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/4KOWTFG5J4I6TPT7JTEFAF6DN4.jpg
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    I'm insulted! But, it's TGR and wouldn't feel...

    I'm insulted! But, it's TGR and wouldn't feel normal if not insulting so, carry on.
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    Frankly, that's bullshit. The word kook may have...

    Frankly, that's bullshit. The word kook may have been insulting toward that person but it's not something that should be seen in the same vein as 'retard' or the n-word. Why should you bend to meet...
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    If they had you sign the loan docs, you'll be...

    If they had you sign the loan docs, you'll be fine. It shouldn't take long for the funds to hit your account.
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    I'm just here to say I truly admire your avatar....

    I'm just here to say I truly admire your avatar. That's some goodness right there.
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    FIFY

    FIFY
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    Yeah, I saw that about Tyson's. I wasn't aware of...

    Yeah, I saw that about Tyson's. I wasn't aware of your VA being hit. Our Veteran's Home got hammered pretty hard, including some deaths in that facility. Those still infected (9) were moved to the VA...
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    Part of this pick up in traffic could be from...

    Part of this pick up in traffic could be from construction starting back up today. Also, with the word being that fishing and hunting are opening back up, people aren't taking the order as seriously...
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