Search found 1390 matches

by MP123
Tue May 26, 2020 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: How is the Amazon Prime Rewards Visa Signature Card
Replies: 26
Views: 1034

Re: How is the Amazon Prime Rewards Visa Signature Card

My physical card is made of metal, so when they sent me a new one I could not shred the old one and had to drill it. Other than that, it is just like any other card. Yes, these new credit cards without raised embossed numbers are a sign of the times. No more credit card imprint machines or paper sl...
by MP123
Tue May 26, 2020 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: How is the Amazon Prime Rewards Visa Signature Card
Replies: 26
Views: 1034

Re: How is the Amazon Prime Rewards Visa Signature Card

It works as advertised for me. 5% back on Amazon purchases adds up if you buy from them a lot, as we do. I did have to unlock credit at one of the bureaus briefly. My initial online application was denied because it was locked. Calling Chase and unlocking with their rep on the line was very easy, ap...
by MP123
Tue May 26, 2020 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: PPP forgiveness - incurred vs paid
Replies: 6
Views: 305

Re: PPP forgiveness - incurred vs paid

Sorry to jump on this bandwagon, but I would like to ask: I am an S-corp and pay myself monthly. I did not make payroll in April as I awaited PPP. On May 2nd I received my PPP loan and payed April's W2 the next day. At the end of May I will pay May's payroll and at the end of June I will pay June's...
by MP123
Tue May 26, 2020 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: PPP forgiveness - incurred vs paid
Replies: 6
Views: 305

Re: PPP forgiveness - incurred vs paid

Jefferson wrote:
Tue May 26, 2020 2:26 pm
So I could use both? That would let me add an extra week’s worth of payroll.
No, I think you still just get 8 weeks. But it could be either paid or incurred during that period.

This is an attempt to help align the 8 weeks with various payroll periods.
by MP123
Tue May 26, 2020 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: PPP forgiveness - incurred vs paid
Replies: 6
Views: 305

Re: PPP forgiveness - incurred vs paid

Is "incurred" an option, or a requirement? Can we use "paid"? Both seem to be acceptable at this point. From the current draft of the SBA Forgiveness Application: 1. Eligible payroll costs. Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during...
by MP123
Mon May 25, 2020 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

Hi, I'm a sole owner/shareholder/employee of an S Corp. I'm not considered "self-employed" for IRS purposes. Does the "owner/employee" total forgiveness amount of 15,385 apply to me as well? I was hoping to get some additional non cash compensation (401K employer contribution) forgiven ..... latest...
by MP123
Fri May 22, 2020 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Prepaying PPP Loan Prior to Requesting Forgiveness
Replies: 8
Views: 447

Re: Prepaying PPP Loan Prior to Requesting Forgiveness

So much is up in the air regarding use and forgiveness of the loan that I wouldn't be in a big hurry to pay it off. It might turn out that the portion you repaid early would in fact be forgivable too. It's only 1% interest, I'd wait until the SBA finalizes their rules and guidance before paying any ...
by MP123
Thu May 21, 2020 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: PPP: Will Forgivable Loans Incur Tax Liability?
Replies: 4
Views: 357

Re: PPP: Will Forgivable Loans Incur Tax Liability?

The PPP loan forgiveness itself isn't supposed to be taxed to the business per the CARES Act. But it can't deduct the expenses that were paid with the forgiven loan either per the IRS. So it seems to me that at least for an S-Corp the amount you pay yourself on W2 is taxable (as usual for income), b...
by MP123
Thu May 21, 2020 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Max forgiveness on PPP loan for sole proprietor
Replies: 6
Views: 266

Re: Max forgiveness on PPP loan for sole proprietor

So I’m just assuming, from what we know now, that’s the only amount we as sole proprietorships are entitled to is the Sch C equation. That appears to be the case at this point assuming you don't have any W2 employees. The SBA interim final rule from 4/14 was clear that Sch C owners couldn't deduct ...
by MP123
Thu May 21, 2020 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Max forgiveness on PPP loan for sole proprietor
Replies: 6
Views: 266

Re: Max forgiveness on PPP loan for sole proprietor

The forgivable portion (at this point) would be Sch C line 31 / 52*8.

But you'd just need to use at least 75% of the forgivable amount on payroll, rather than 75% of the loan amount.

And correct, you can't use 1099s as "payroll".
by MP123
Thu May 21, 2020 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Quicken Still Nagging Us to Renew?
Replies: 7
Views: 654

Re: Quicken Still Nagging Us to Renew?

No, Quicken is now completely subscription based. So they don't need to nag you to upgrade anymore, they just charge you on an annual basis. If you don't need transaction downloads and you're happy with 2013 maybe you can get it to install somehow. But if you want the new Quicken you need to pay...a...
by MP123
Wed May 20, 2020 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

Assuming you elect the Alternative Payroll Covered Period to "help you", that is still measured by the eight-week (56 day) period. There are no two month periods that are only 56 days. Therefore, running two monthly payrolls in the normal course of business will not work within this framework. How ...
by MP123
Tue May 19, 2020 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

And the way the loan amounts were structured it likely that most businesses will have some leftover. The maximum loan amount was 2.5/12 of approved expenses (payroll, rent, utilities) , but only 8/52 is potentially forgivable. Just to clarify: The maximum loan amount was 2.5/12 of payroll only (wit...
by MP123
Tue May 19, 2020 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

A general Q about the PPP program. Say, I have a S Corp with 100 employees in Software Consulting domain. I did not lay off any nor hire any in the first two quarters of 2020. We ran the same payroll across those months. If I applied and got whatever the max amount that our company is eligible, do ...
by MP123
Mon May 18, 2020 10:15 pm
Forum: Investing - Theory, News & General
Topic: Ben Felix - How to Retire Early (The 4% Rule)
Replies: 221
Views: 15420

Re: Ben Felix - How to Retire Early (The 4% Rule)

And how did they do from, say, 1930-1959? I agree with HomerJ that the question doesn't tell us anything useful. But since you asked, from 1930-1959: Finland: 7.4% SWR Australia: 7.2% SWR Germany: 6.8% SWR Norway: 6.7% SWR UK: 5.5% SWR Denmark: 5.3% SWR Portugal: 4.8% SWR US: 4.3% SWR Sweden: 4.1% ...
by MP123
Mon May 18, 2020 9:22 pm
Forum: Personal Consumer Issues
Topic: Vault Safe in the attic; welded, anyone ?
Replies: 78
Views: 4031

Re: Vault Safe in the attic; welded, anyone ?

The only way to remove the safe would be to bring an acetylene torch or something and melt and remove the metal bars. Why could they just not hit up your tool bench and with a couple of your saws take out the ceiling drywall and wood beams in 10 minutes? how long are these metal bars? Or just stomp...
by MP123
Mon May 18, 2020 9:05 pm
Forum: Investing - Theory, News & General
Topic: Ben Felix - How to Retire Early (The 4% Rule)
Replies: 221
Views: 15420

Re: Ben Felix - How to Retire Early (The 4% Rule)

(a) Same period, other countries aren’t independent, and (b) What I remember reading (but haven’t checked myself) is that the 4% rule failed when extended to other countries. Have you checked those? Or picked carefully :-) Of course other countries are independent; that's why they have wildly diffe...
by MP123
Mon May 18, 2020 1:59 pm
Forum: Personal Consumer Issues
Topic: Choices of and precautions at hotels in this summer
Replies: 52
Views: 2935

Re: Choices of and precautions at hotels in this summer

I bet they add a "COVID Fee", sort of like the "Energy Surcharge" they tried back when oil got expensive (hard to remember these days...)
by MP123
Mon May 18, 2020 1:36 pm
Forum: Personal Consumer Issues
Topic: Choices of and precautions at hotels in this summer
Replies: 52
Views: 2935

Re: Choices of and precautions at hotels in this summer

What about the HVAC system recirculating air from other rooms? I'm not saying you need to be concerned about it, but there's only so much you can realistically control. Choose a (motel style?) hotel that has individual AC units hanging under the window of each room. Good point. And the lack of an e...
by MP123
Mon May 18, 2020 1:22 pm
Forum: Personal Consumer Issues
Topic: Choices of and precautions at hotels in this summer
Replies: 52
Views: 2935

Re: Choices of and precautions at hotels in this summer

I have seen a suggestion to bring your own pillow. If I were feeling particularly paranoid I might bring my own sheets or a sleeping bag. I will bring my own towels, maybe bed sheets also. What about the HVAC system recirculating air from other rooms? I'm not saying you need to be concerned about i...
by MP123
Mon May 18, 2020 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: PPP loan forgiveness question
Replies: 9
Views: 716

Re: PPP loan forgiveness question

This is from the 4/14 interim final rule that was specifically for Schedule C filers: f. What amounts shall be eligible for forgiveness? The amount of loan forgiveness can be up to the full principal amount of the loan plus accrued interest. The actual amount of loan forgiveness will depend, in part...
by MP123
Mon May 18, 2020 11:35 am
Forum: Personal Finance (Not Investing)
Topic: I work remote: Is buying a home away from a major city a major risk?
Replies: 39
Views: 4283

Re: I work remote: Is buying a home away from a major city a major risk?

You've had this job for five months? If it can be done remotely from Northern AZ, it could presumably be done remotely from Bangalore. I think there's a significant chance that you'll need to move again to find work, certainly if you want to advance in your career. But Northern AZ (Flagstaff?) is a ...
by MP123
Sun May 17, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

C-corp shareholders are not owner-employees per the IRV: I.R.C. § 401(c)(3) Owner-Employee — The term “owner-employee” means an employee who— I.R.C. § 401(c)(3)(A) — owns the entire interest in an unincorporated trade or business, or I.R.C. § 401(c)(3)(B) — in the case of a partnership, is a partne...
by MP123
Sat May 16, 2020 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

Who would be owner-employees..if not self-employed schedule C filers or partners? Wouldn't that have to be c-corp/s-corp owners? But as you pointed out, it references to the 4/14 ruling which is only about sch c filers. I suppose they might be schedule C filers that also have employees for whom the...
by MP123
Sat May 16, 2020 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

The link in the instructions for Line 9: Line 9: Enter any amounts paid to owners (owner-employees, a self-employed individual, or general partners). This amount is capped at $15,385 (the eight-week equivalent of $100,000 per year) for each individual or the eight-week equivalent of their applicable...
by MP123
Sat May 16, 2020 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Form 5500-EZ Privacy Questions
Replies: 11
Views: 486

Re: Form 5500-EZ Privacy Questions

I've searched for mine on EFAST2 with no luck finding them. My understanding is that the 5500 series forms for one-participant plans aren't available on line. I'm not sure if there's some other way for others to request copies of them or not. At this point I don't think you need to take steps to dis...
by MP123
Sat May 16, 2020 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31943

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Two things that are abundantly clear from the forgiveness application: 1) You need to use 75% of the amount you want forgiven ( not the loan amount) on payroll. There has been confusion about this previously. 2) The EIDL advance amount will be deducted from the forgiveness amount. So you'll essentia...
by MP123
Sat May 16, 2020 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

read quickly, still not sure if scorp owners employER i401K contributions are forgivable. Anyone have a take on this? It appears that employer paid benefits are only forgivable for employees, not for owners. So for an i401k the employER contribution probably doesn't count. I'm sure more info will b...
by MP123
Sat May 16, 2020 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

read quickly, still not sure if scorp owners employER i401K contributions are forgivable. Anyone have a take on this? It appears that employer paid benefits are only forgivable for employees, not for owners. So for an i401k the employER contribution probably doesn't count. I'm sure more info will b...
by MP123
Sat May 16, 2020 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: PPP Forgiveness C-Corp Owners
Replies: 6
Views: 290

Re: PPP Forgiveness C-Corp Owners

Hello: The PPP forgiveness application is not live. We are a c-corp of 20 employee-owners and 10 employee non-owners. The application states that compensation for "employee-owners" is limited to $15,385. Do this mean that employer-paid healthcare/retirement expenses for these employee-owners is not...
by MP123
Fri May 15, 2020 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

This section would seem to restrict owners forgivable compensation to being the same as their 2019 compensation. Line 9: Enter any amounts paid to owners (owner-employees, a self-employed individual, or general partners). This amount is capped at $15,385 (the eight-week equivalent of $100,000 per ye...
by MP123
Fri May 15, 2020 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 615
Views: 31943

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

Bosro wrote:
Fri May 15, 2020 10:20 pm
https://home.treasury.gov/system/files/ ... cation.pdf

PPP Forgiveness Form is out now.
Thanks!

Looks about like expected, but will take some time to digest.
by MP123
Fri May 15, 2020 8:35 pm
Forum: Personal Investments
Topic: Help fill out Form 5500_401K-Solo terminated
Replies: 10
Views: 462

Re: Help fill out Form 5500_401K-Solo terminated

Since you're a solo 401k you can use form 5500-EZ instead. It's a lot simpler. But if you look it over and have questions please feel free to ask. Agreed that 5500-EZ is easier (as you might expect from the name), it would be a good choice. You could also file 5500-SF online at https://www.efast.do...
by MP123
Wed May 13, 2020 9:42 pm
Forum: Personal Consumer Issues
Topic: Coronavirus Flight Cancel Thread
Replies: 224
Views: 13313

Re: Delta Sky-nightmare

When did Delta's call back go away?

I used it last week to get a refund for a flight they canceled. They called in about an hour and it was very smooth. Haven't seen the refund yet though.

If you're canceling (rather than them) I think you can just get the credit to use another time online.
by MP123
Mon May 11, 2020 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: High Deductable ObamaCare + HSA
Replies: 29
Views: 1468

Re: High Deductable ObamaCare + HSA

You don't need earned income (or any income at all) to contribute to an HSA.
by MP123
Sat May 09, 2020 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - Reduce Salary?
Replies: 12
Views: 1231

Re: PPP - Reduce Salary?

As mentioned by @cowdogman above, the 4/14 guidance is pretty clear that Schedule C owners can't include benefits for themselves on top of the $100k. f. What amounts shall be eligible for forgiveness? The amount of loan forgiveness can be up to the full principal amount of the loan plus accrued inte...
by MP123
Sat May 09, 2020 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: How Do Early Retirees Pay for Medical
Replies: 132
Views: 9729

Re: How Do Early Retirees Pay for Medical

Well with cancer, you generate a qualifying event and get real health insurance. Same thing if you develop some life long disease and they refuse to cover your 100k/year drug. I will let you decide if this is a moral approach or not. And figuring out the risk that you 50k health sharing bill will n...
by MP123
Fri May 08, 2020 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: PPP payments in 8 weeks following loan for sole proprietor
Replies: 3
Views: 520

Re: PPP payments in 8 weeks following loan for sole proprietor

If you're a Schedule C with no employees you don't really have a "payroll". It's not clear that you would need to simulate one to qualify for forgiveness, or that moving money from one bank account to another without withholding, payroll returns, and so on, would do so. The interim final rule from 4...
by MP123
Fri May 08, 2020 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: part time employee vs 1099 for ppp reasons?
Replies: 8
Views: 423

Re: part time employee vs 1099 for ppp reasons?

Would you be replacing a different employee in his headcount that doesn't want to return to work? That might be a pro. Did he classify your 1099 payments as wages improperly (as some people did at first) when applying for PPP? That might be a con. You'll have to wrestle with the ethics yourself, but...
by MP123
Fri May 08, 2020 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - Reduce Salary?
Replies: 12
Views: 1231

Re: PPP - Reduce Salary?

My work is pretty steady, but there are times throughout the year when it's slow, so I figured the 100k max wouldn't really be an issue. However, after doing some more reading, it seems like they might be looking for that 100k max to be prorated during the 8 week period of using the funds. Meaning,...
by MP123
Fri May 08, 2020 11:35 am
Forum: Personal Finance (Not Investing)
Topic: If you get EIDL and PPP then refinance to PPP, is it all forgiveable?
Replies: 5
Views: 318

Re: If you get EIDL and PPP then refinance to PPP, is it all forgiveable?

That's a good question. No one knows at this point. The interim final rule says you can include the EIDL in your request for PPP: iv. Step 4: Add the outstanding amount of any Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the a...
by MP123
Fri May 08, 2020 11:20 am
Forum: Personal Finance (Not Investing)
Topic: How Do Early Retirees Pay for Medical
Replies: 132
Views: 9729

Re: How Do Early Retirees Pay for Medical

I doubt a lot of people have experience with the individual insurance market pre-ACA. It wasn't pretty. In fact, it was down right ugly. You could find yourself uninsurable because of pre-existing conditions. You could have your insurance cancelled if you incurred an expensive illness. You could fi...
by MP123
Fri May 08, 2020 10:46 am
Forum: Personal Finance (Not Investing)
Topic: If you get EIDL and PPP then refinance to PPP, is it all forgiveable?
Replies: 5
Views: 318

Re: If you get EIDL and PPP then refinance to PPP, is it all forgiveable?

That's a good question. No one knows at this point. The interim final rule says you can include the EIDL in your request for PPP: iv. Step 4: Add the outstanding amount of any Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the am...
by MP123
Thu May 07, 2020 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: create SBA EIDL portal account ?
Replies: 5
Views: 372

Re: create SBA EIDL portal account ?

It could be a scam, of course. But it's likely a legitimate message to access the SBA website to see and accept (if you choose) the EIDL that you were approved for. I think the EIDL advance that you've already received is a grant anyway, and you don't need to log in if you don't want to. I'd be curi...
by MP123
Thu May 07, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: PPP, adding additional employee?
Replies: 19
Views: 788

Re: PPP, adding additional employee?

The CARES Act itself and all guidance to date only penalizes reducing headcount or wages. No mention made of increasing either.
by MP123
Wed May 06, 2020 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - One employee (owner) S-Corp questions
Replies: 8
Views: 673

Re: PPP - One employee (owner) S-Corp questions

You might be able to pay yourself an additional $19k per year but that would only work out to $2923 over the period. Your employer i401k contribution is already at 25%, so no room there even if allowed. Thanks. Is there anything in the guidance that suggests that pay hikes are possible for employee...
by MP123
Wed May 06, 2020 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: PPP - One employee (owner) S-Corp questions
Replies: 8
Views: 673

Re: PPP - One employee (owner) S-Corp questions

Your payroll calcs (#1) appear correct wrt the $100k cap. There is no formal guidance on forgiveness yet, but it seems likely that employer contribution to 401k would be included, and employer FICA excluded. You might be able to pay yourself an additional $19k per year but that would only work out t...
by MP123
Wed May 06, 2020 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

Is it clear to what extent 401k employee deferral and employer profit sharing contributions may be considered part of payroll for loan forgiveness? It would simplify things greatly if I could make my 19.5k employee deferral plus $6.5k catch up contributions with the 8 week period to make the full l...
by MP123
Wed May 06, 2020 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 158
Views: 12939

Re: Optimizing PPP Forgiveness

Here's a question about the 75% rule: I received $20,833 PPP funds. Net earnings of my LLC are always in excess of $100K, but I am restricted to the $100K limit. $100K divided by 52 is $1,923 as noted here and in other threads. 8 weeks of payroll at $1,923 per week is $15,384. But that is only 73.8...