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Favorite team: | LSU |
Location: | Baton Rouge, Louisiana |
Biography: | |
Interests: | |
Occupation: | |
Number of Posts: | 1176 |
Registered on: | 3/3/2010 |
Online Status: | Not Online |
Recent Posts
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re: Costco surface pro bundle question
Posted by Spock on 5/2/21 at 10:01 am
Price is $1,699.99. Looks like online delivery only....
re: Louisiana Ice Storm Thread *Winter Storm Warning*
Posted by Spock on 2/14/21 at 3:20 pm
Question - I have a pier and beam house and am worried about frozen pipes. If I shut off my water main at the street and then drain all my water lines inside and outside, will that prevent frozen/busted pipes? Is there enough residual water left in the pipes to still cause an issue?...
re: PPP 2nd Round Update 1/14/21
Posted by Spock on 1/12/21 at 11:20 am
Sent
I couldn't find anything specific in the language excluding previous CARES act stimulus amounts - only previous PPP Loan forgiveness. Look at the bottom of page 8 of the IFR I attached in the email. It gives a detailed breakout of what is considered "receipts."...
re: PPP 2nd Round Update 1/14/21
Posted by Spock on 1/11/21 at 1:26 pm
Thanks...
re: PPP 2nd Round Update 1/14/21
Posted by Spock on 1/11/21 at 11:29 am
(No Message)...
re: PPP 2nd Round Update 1/14/21
Posted by Spock on 1/11/21 at 9:57 am
[quote]Correct. Only revenue from business.[/quote]
VABuckeye - do you have a source on this? We are a healthcare entity and received a significant amount of stimulus through HHS and it would knock us out of the 25% reduction in revenue requirement if we included. Thanks!...
re: Next Round of PPP Loans - Info Inside - Updated 1/8/21
Posted by Spock on 12/28/20 at 4:25 pm
The only thing stopping me from applying again is the "loan necessity" requirement. Specifically, SBA guidance has stated:
"all borrowers should review carefully the required certification that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of...
re: Let’s talk about pellet smokers/grills
Posted by Spock on 11/6/20 at 1:26 pm
I bought a Yoder YS640s about 3 months ago. It is now my favorite thing that I own. I think the smoke flavor is just as good as my old weber and the direct heat side gets as hot as I need it. If you want to do a lot of direct heat searing on it, you need to get the grill grates and the heat diffu...
re: Roth IRA and capital gains taxes
Posted by Spock on 10/7/20 at 11:25 am
No, as long as everything is done within the IRA there are no tax implications....
re: Any word on when this PPP loan can be forgiven ?
Posted by Spock on 9/23/20 at 1:22 pm
So, our business is now eligible to apply for forgiveness. One question I can't figure out the answer to though - since we received a loan based on 8 weeks of payroll and the forgiveness extended to 24 weeks, we have clearly spent well over the required payroll amount to qualify for forgiveness. S...
re: Capital Gains question
Posted by Spock on 8/14/20 at 9:15 am
Think of it like this... you bought 100 shares of stock A @ $50. The price of stock A then increased to $100. In order to pull out $5,000 you have to sell 50 shares of stock A. So you have a realized gain of $50 per stock - so $50 x 50 shares = $2,500 of taxable gains....
re: Health Savings Accounts (HSA) for ALL
Posted by Spock on 8/3/20 at 3:47 pm
I support everything in this bill - I really hope it gains some traction. The only reason I am enrolled in a HDHP is so I would have access to an HSA.
I don't know how removing the contribution limit would work though. HSAs are already the ultimate retirement account - removing the contribution...
re: For those who got PPP money, how close are you to running out?
Posted by Spock on 6/12/20 at 10:54 am
[quote]How are you this far off? I’m continually blown away by how many companies are not able to calculate this properly?[/quote]
5% is not that far off - we're in the same boat. Got about a $2.5M loan and we've only spent around $2.4M. Since it was calculated based on full pre-covid payroll c...
re: When did PPP 8 weeks start?
Posted by Spock on 5/8/20 at 8:24 am
Yeah I understand better now. It makes sense, but your original statement made it seem like you just wanted to pocket all the PPP money and lay everyone off....
re: When did PPP 8 weeks start?
Posted by Spock on 5/8/20 at 8:10 am
[quote]Because I’m required to keep people on payroll weeks longer than others’ who got the money sooner. It should be your application date. I applied the first day.
Now a bunch of companies that got the PPP are going to be laying people off weeks before I am able to.
[/quote]
This is the wi...
re: $175 Billion of the $310 Billion has already been allocated in the 2nd batch of the PPP
Posted by Spock on 5/3/20 at 7:18 pm
There are already provisions in the tax code that disallow the deduction of expenses from tax free income. I don’t see them making an exception for this, especially after already announcing it. But that still doesn’t make the loan taxable....
re: $175 Billion of the $310 Billion has already been allocated in the 2nd batch of the PPP
Posted by Spock on 5/3/20 at 5:01 pm
Your CPA is wrong. But I’m guessing you just misunderstood his email....
re: IRS rules forgiven PPP loans excluded from taxable income, but there's a catch
Posted by Spock on 5/1/20 at 8:34 am
Yeah that is how I always assumed it would work. There's no way they would make it non-taxable and also give you a tax deduction for it....
re: The Payroll Protection Plan shows the ineptness of Govt. and the fleecing of taxpayers
Posted by Spock on 4/23/20 at 4:57 pm
[quote]I know many small businesses even some who have had a reduction in revenue and have furloughed people will take this money and divert the payroll money from their current employees and do capital expenditures to better their business, for free with my tax dollars.[/quote]
That’s called fra...
re: PPP Payroll Allocation
Posted by Spock on 4/22/20 at 3:56 pm
[quote]I’m in similar situation. My receptionist said she’s making more on unemployment than she would working with me and asked me if she can stay home until the $600 kicker expires and in the meantime I can “hire” my wife and pay her. Don’t know what I’m gonna do[/quote]
We have the same situat...
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