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Medlin Software

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About Medlin Software

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  1. From the payroll side. Draw could have more than one meaning. Could be an advance against wages, would be withdrawal of (hopefully) profit by owner. Assuming the intent/requirement is to be paid as an employee, then if there are funds available, employee(s) (owner or not) need to be paid at least minimum wage for all time worked. Owner/employees need to meet the reasonable wage parameters. Pay frequency must meet state regulations (if any), so monthly may or may not be an option. If this is the first paycheck the business is to create, then there needs to be consideration to the
  2. I am sure many lessons We are fairly like minded, which made the working relationship both easy and hard. The big lesson he shared with me is there is no such thing as an "accounting emergency". I have tried to apply this to as many things as possible, the "not an emergency" principle.
  3. Me too. I see footnotes most often in email, about privacy and such things. Funny thing is, unless sent via some sort of scrambled secure email, the email must be considered public, so such notice is moot. It is public knowledge email providers, such as gmail, scan the content (to serve ads / make money), and "security/spam" vendors who do the same. Sometimes I ask those who send messages with such footnotes if they are aware any message they want to cover by privacy regs (230?) must be send scrambled and secure... and more often than not, they had not considered sending email via nor
  4. Ant that, my friends, is how Medlin Software was born in the late 70's early 80's. Jerry had an accounting franchise, and wrote his own programs to save time (handle more clients). He shared his programs with others in the same line of work, and so on and so on...
  5. The IRS will throw a wide net, and see who fail to wiggle out. I have been subpoenaed merely because I provide payroll software for others to use, and the case had nothing to do with payroll (it was tax prep fraud, where the preparer was faking returns after the fact, and collecting refunds in the names of their clients). The IRS found my software on one of the computers... There are those who are paid to really manage payroll, and thus, openly accept liability. They usually do nothing without first having the funds available, deposit every payroll, and properly limit exposure. There a
  6. What always strikes me is how the seemingly smallest thing can affect one's life. One of our kids had an inkling to go one way with his career, which said career is gone until at least the middle of 2021, and instead took a liking to an internship he was doing, and has become a medical researcher - at present working with COVID patients. He is considering the MD route if he can find someone or something which will pay his way (he refuses to be a freshly minted MD with 20 years of work to pay his med school debt). When I look back, I see a few key twists in my life choices as well. Hind
  7. The SBA can release all the forms they wish. What matters to the recipients is what the lending institution uses... which like the application, may have more required items than an SBA designed form. The "experts" still say to wait, as they believe there will be more changes, possibly a plain no form required forgiveness below a certain threshold.
  8. Received this today. My only practical reply was to suggest to contact their local Congress person and Senator (and if the businesses need the funds, they should be adjusting their deposits accordingly, instead of counting on a timely refund). "In the 2nd quarter many of them qualified for the retention credit on form 941. From the clients we have spoken to, none have received their refunds yet. I have been researching and it is only suppose to take 6 to 8 weeks. I am at a loss as to what to tell our clients. Do have have any idea why the refund is taking so long? Thanks for any informat
  9. Yikes. Sounds like the new owner bought a job, and one that likely has not been paying well.
  10. Interesting situation. Since most purchases are assets only, it may be the buyer's perspective the price was 185k, since they likely care not about the sales tax lien, and may only care a little about the creditor (if it is a key supplier they also want to use). May have some sort of off sale license to account for separately, depending on the situation.
  11. The third version of the 941 was not a big programming change. The only issue was the late release of the final version means many, like me, already submitted Q3 before the new form was available (since so few "memo" deferred). The 944 and 943 will also be different, with an additional page for each...
  12. I have a customer who sent in the Q1 layout for Q2, and it was rejected. If (now un)common sense were to be used, the Q2 form can still be used for Q3, but only time will tell what those folks in the forms design and processing locations have determined. The instructions for Q2 state not to use the Q1 form for Q2, but there is nothing that specific in the Q3 instructions (that I noticed).
  13. After review and implementation (only one person's opinion!) it appears the second revision may still work, unless the employer elected to defer (the Presidential memo). Page 3 has a different "95" code, which should allow the scanning software to interpret each revision appropriately. Of course, that is using logic, which may not apply in this case, so use the old revision at your own risk. Personally, I mailed my form yesterday, before the new form dropped (I did not defer), so we will see if it bounces back.
  14. The IRS dropped a third version of the 2020 941 yesterday. The new version is for Q3 and Q4, with some changes made for the Sept-Dec SS deferral option. While I have no inside information, I suspect any of the three revisions can be used, as long as the figures are correct, and the revision used will handle the employer's needs for the quarter being reported. It appears the IRS will differentiate the revisions via the "95" code at the top right of each page.
  15. Federal reporting has wide leeway. They will happily take multiple 941 forms per EIN, as well as multiple sets of W2 forms per EIN. (They prefer one set per EIN, but there is no such requirement.) Other common reasons for multiple reporting: Internal accounting (one set of reports per location for instance). Multiple state reporting (one set of reports per state, which will become much more common in the new remote work scenario we live in). Multiple "other" jurisdiction reporting (such as having multiple local taxes, in an area without common reporting).
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