I do not think any WISPs here really know the answer to this. What is
needed is an answer from an accountant. If anyone on here is a CPA and
can share what the rules are I would be glad to see them. I do not
believe that simply drawing profits from a S corp WISP as opposed to
taking a salary is tax evasion. In a S corp you pay taxes for profits
same as you do for payroll. Where you might have a problem is with
unemployment insurance, social security, workmans comp, etc. Those are
based on payroll. Profits are not in the calculation. Essentially you
are dodging those when you do not take a salary.
Scriv
Charles Wu wrote:
<snip>
Zero. When the CEO is also the primary investor, and the company is an
S-corp or LLC, why pay payroll tax, when you can just take a repayment of
loan?
The salary of the CEO can be meaningless unless also disclosed wether they
have an equity position or not, and of what caliber.
</snip>
B/c when you get audited by the IRS (which for any small business, is just a
matter of time), you will FINED for tax evasion...
-Charles
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-----Original Message-----
From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On
Behalf Of Tom DeReggi
Sent: Friday, December 15, 2006 1:51 AM
To: WISPA General List
Subject: Re: [WISPA] salary
Tom DeReggi
RapidDSL & Wireless, Inc
IntAirNet- Fixed Wireless Broadband
----- Original Message -----
From: "Travis Johnson" <[EMAIL PROTECTED]>
To: "WISPA General List" <wireless@wispa.org>
Sent: Thursday, December 14, 2006 8:55 PM
Subject: [WISPA] salary
Hi,
Just taking a quick survey... answer if you can, but be honest... ;)
What is the salary of the CEO of your ISP? Even if you can share the
percentage of that salary compared to annual gross revenue...
Travis
Microserv
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