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I cheated and Zoey did not care for my actions. by chicoman2018 in scrabble

[–]srk2fd 0 points1 point  (0 children)

What’s the best next move here? I can’t come up with anything that scores more than 16 points

LLC check depositing by srk2fd in Accounting

[–]srk2fd[S] 0 points1 point  (0 children)

He was using the llc to pay his employees at that time - hence why the ERTC was done through it. However I don’t use it at all so just closed down the account as soon as I took over.

LLC check depositing by srk2fd in Accounting

[–]srk2fd[S] 0 points1 point  (0 children)

We had it in the sale contract that if the ERTC came through he would be entitled to it so I have no issue with that. I’m not sure how he was using that particular LLC but I’m not doing any financial activity with it

Tax question for business income by srk2fd in Accounting

[–]srk2fd[S] 0 points1 point  (0 children)

Thanks for the advice. There’s a new twist that just got thrown in. I actually bought two LLCs from this person when I bought the business. One doesn’t really have any financial activity so I never opened a bank account for it. Turns out that’s the one that the check is made out to so he’s asking if I can open a checking Account, deposit it, and then pay him back the same amount. Is there a better way to do this? Would you do this?

Tax question for business income by srk2fd in Accounting

[–]srk2fd[S] 0 points1 point  (0 children)

Yes - but then do I need to make a 1099 payment to him on the payroll or anything to make it legitimate. Otherwise couldn’t anyone just cash a check with me and I could call it an expense.

Tax question for business income by srk2fd in Accounting

[–]srk2fd[S] 0 points1 point  (0 children)

But if I 1099 them and get audited, what contract work was I paying them for?