Trying to work through some of the info I've found regarding the payroll tax exemptions, etc and it's about like reading greek to me. Figured others have a lot of questions so maybe some tax folks can chime in to answer some questions for us?
I just read this from the IRS and trying to figure out how it relates to my situation.
https://www.irs.gov/newsroom/treasu...tly-recover-the-cost-of-providing-coronavirus
The way I read this is that it only applies to people who are actually quarantined or self-quarantining due to COVID symptoms or child care situations, not for people who are merely affected by government mandated shutdowns. Is that correct? Are there any other benefits being offered that I may be able to take advantage of?
Of course I'll run everything by my accountant, but I like to understand things before talking to anyone about them.
I have a S-Corp in which I'm the only W-2 employee. I take a salary paid on W-2 as well as Owner Distributions. I also have 3 contractors that work for me (2 receive a set amount every 2 weeks and one is on a "draw" system and set to go to straight commission on May 1st). I think that I will be okay long term, but want to make sure that I am taking advantage of any/all benefits being offered to make sure I do my best to protect the income of my contractors.
My territory is the Bay Area in California and the first area of the country to go on full lockdown. So, essentially there is no business taking place there at all until at least 4/7. I get paid in arrears based on paid for goods (I'll have some checks coming in for a while, but will quickly be decreasing as fewer people have product delivering to be paid for).
I want to keep paying my contractors in full for as long as possible, so any relief that I can get for me/my company will allow me to do that for that much longer.
I just read this from the IRS and trying to figure out how it relates to my situation.
https://www.irs.gov/newsroom/treasu...tly-recover-the-cost-of-providing-coronavirus
The way I read this is that it only applies to people who are actually quarantined or self-quarantining due to COVID symptoms or child care situations, not for people who are merely affected by government mandated shutdowns. Is that correct? Are there any other benefits being offered that I may be able to take advantage of?
Of course I'll run everything by my accountant, but I like to understand things before talking to anyone about them.
I have a S-Corp in which I'm the only W-2 employee. I take a salary paid on W-2 as well as Owner Distributions. I also have 3 contractors that work for me (2 receive a set amount every 2 weeks and one is on a "draw" system and set to go to straight commission on May 1st). I think that I will be okay long term, but want to make sure that I am taking advantage of any/all benefits being offered to make sure I do my best to protect the income of my contractors.
My territory is the Bay Area in California and the first area of the country to go on full lockdown. So, essentially there is no business taking place there at all until at least 4/7. I get paid in arrears based on paid for goods (I'll have some checks coming in for a while, but will quickly be decreasing as fewer people have product delivering to be paid for).
I want to keep paying my contractors in full for as long as possible, so any relief that I can get for me/my company will allow me to do that for that much longer.
