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Should my wife fire herself?
Posted on 4/6/20 at 11:22 am
Posted on 4/6/20 at 11:22 am
She owns a business that's shut down- she's the only employee, everyone else is 1099. Payroll expenses are about $1,000/month. She files as an S-Corp.
Would she be better off firing herself and collecting unemployment? From what I've read, it's possible to do, and it seems like she'd be one of the ones that would benefit from unemployment moreso than the PPP, but I admittedly don't know a whole lot about some of the new stuff I'm reading about.
Would she be better off firing herself and collecting unemployment? From what I've read, it's possible to do, and it seems like she'd be one of the ones that would benefit from unemployment moreso than the PPP, but I admittedly don't know a whole lot about some of the new stuff I'm reading about.
5
Posted on 4/6/20 at 11:33 am to LSUGUMBO
PPP will cover her salary, rent, utilities, phone, internet, and health insurance premiums.
Posted on 4/6/20 at 11:37 am to LSUGUMBO
She can also file for the EIDL $10K grant.
Posted on 4/8/20 at 5:54 pm to LSUGUMBO
quote:
Should my wife fire herself?
I spend WAY too much time on the PB. So many really punchable replies popped into my mind.
Posted on 4/8/20 at 7:00 pm to LSUGUMBO
With those amounts of money I would feel pretty confident that she could attempt this because reasonable compensation for officers/shareholders might not even come into play.
Most of the audits for my clients I have seen are when there is say $200,000 in net income and they report zero for officer compensation and send it all to dividends. That is not a reasonable compensation.
Very little hard and fast rules on this.
Most of the audits for my clients I have seen are when there is say $200,000 in net income and they report zero for officer compensation and send it all to dividends. That is not a reasonable compensation.
Very little hard and fast rules on this.
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