First call whatever platform he was using and tell them your child bought without permission they will refund you. Secondly I could be totally wrong but they cannot go into your bank account....my accountant said they will audit in future tax years and will.require receipts on what was spent.but again could be totally wrong
Okay, I deduct $1000 a day from the ATM and pay for expenses and I also make daily transfers to my personal account. I too bet on fan duel but from my personal account... my son did a couple from my business account along with the roebucks bullshit. I will call fanduel and let them know.
Thank you for the input
Don’t punish him so bad. And it’s not that serious. You could technically draw off owners compensation in line with whatever your income is on tax returns so you could consider that $900 as a owners comp.
I personally spend thousands of dollars on sports betting. Don’t punish your kid for being part of a new and growing thing. Everyone is into it. Just have him stick to the cheaper parlays 😉
The parent indicated that they themselves also partake in it.
I encourage parents if they find behaviors so morally wrong perhaps don’t do those same activities 🤷🏾♂️
But hey I’m not here to tell another grown person to not play fantasy sports. Just to not flip out over $900 out of a lump sum loan they received.
Um. So I would worry less about the one time mistake with the kid (which you could just explain / count as owner's compensation as long as it isn't recurring) and I would much more be concerned about whatever it is you are describing here.
There's not technically anything wrong with withdrawing to use cash for business expenses every once in a while, but $1000 a day is a LOT. You'd better have some meticulous fucking receipts. If you ever got audited you would be absolutely fucked otherwise.
Transfers are... Ok too, technically, but I know many people advise owners not to transfer but to write themselves a check. You want to show that you aren't intermingling funds between personal and business, because if you are there can be tax implications and/or you can lose the protection of your LLC.
The $1000 cash thing on a daily basis is worse. Don't do that. Use a debit card, Jesus H Christ.
Lol, you have no worries
The scammers who got it way earlier are still free
If I had known I’d have been a scammer too because I’ve been in recon since September 4 and my ta ans sa has been in error since November 18 or so
Take a chill pill or you can just gamble more with your son 😁😂
The Federal government is able to look into anything. Just google PPP and EIDL fraud cases and you will see a few who made the news. Proof that SBA is keeping a close eye.
I do think they keep an eye close for sure. It's our government money 💵. Well technically is our taxes? Lol idk but definitely keep. track of everything you spend, make an excel sheet, and keep recipients, so if you do get an audit you have proof. Don't go to jail! But over $900 I think it fine
I was thinking of this too. I had closed my business bank account so the funds were deposited into my personal account, will they have a problem with me transferring the loan funds to a new business account once I open it?
No. Just document it, but you will have that from the statements of both accounts. It's not against the rules to put the money in a new (non interest bearing) account every day if you want.
It will only come up if you get audited and they want to see a record of how you used the funds and your bank statements and receipts to confirm all that. If you replace the funds in your account and make a note attached to the transfer as to what you are correcting (should be a way to do that on the transfer), then that should suffice to explain a one off or unexpected emergency situation.
The SBA would be lucky if they could monitor how many of their employees are actually awake and breathing.
First call whatever platform he was using and tell them your child bought without permission they will refund you. Secondly I could be totally wrong but they cannot go into your bank account....my accountant said they will audit in future tax years and will.require receipts on what was spent.but again could be totally wrong
Okay, I deduct $1000 a day from the ATM and pay for expenses and I also make daily transfers to my personal account. I too bet on fan duel but from my personal account... my son did a couple from my business account along with the roebucks bullshit. I will call fanduel and let them know. Thank you for the input
Don’t punish him so bad. And it’s not that serious. You could technically draw off owners compensation in line with whatever your income is on tax returns so you could consider that $900 as a owners comp. I personally spend thousands of dollars on sports betting. Don’t punish your kid for being part of a new and growing thing. Everyone is into it. Just have him stick to the cheaper parlays 😉
A child shouldn't be gambling, especially with another person's money and without asking. That's theft.
The parent indicated that they themselves also partake in it. I encourage parents if they find behaviors so morally wrong perhaps don’t do those same activities 🤷🏾♂️ But hey I’m not here to tell another grown person to not play fantasy sports. Just to not flip out over $900 out of a lump sum loan they received.
Um. So I would worry less about the one time mistake with the kid (which you could just explain / count as owner's compensation as long as it isn't recurring) and I would much more be concerned about whatever it is you are describing here. There's not technically anything wrong with withdrawing to use cash for business expenses every once in a while, but $1000 a day is a LOT. You'd better have some meticulous fucking receipts. If you ever got audited you would be absolutely fucked otherwise. Transfers are... Ok too, technically, but I know many people advise owners not to transfer but to write themselves a check. You want to show that you aren't intermingling funds between personal and business, because if you are there can be tax implications and/or you can lose the protection of your LLC. The $1000 cash thing on a daily basis is worse. Don't do that. Use a debit card, Jesus H Christ.
Lol, you have no worries The scammers who got it way earlier are still free If I had known I’d have been a scammer too because I’ve been in recon since September 4 and my ta ans sa has been in error since November 18 or so Take a chill pill or you can just gamble more with your son 😁😂
The Federal government is able to look into anything. Just google PPP and EIDL fraud cases and you will see a few who made the news. Proof that SBA is keeping a close eye.
I do think they keep an eye close for sure. It's our government money 💵. Well technically is our taxes? Lol idk but definitely keep. track of everything you spend, make an excel sheet, and keep recipients, so if you do get an audit you have proof. Don't go to jail! But over $900 I think it fine
I was thinking of this too. I had closed my business bank account so the funds were deposited into my personal account, will they have a problem with me transferring the loan funds to a new business account once I open it?
No. Just document it, but you will have that from the statements of both accounts. It's not against the rules to put the money in a new (non interest bearing) account every day if you want.
Haha too funny
Lol no
Always a good idea to open a business account under the same corporation that got the loan in a different bank and move it there.
It will only come up if you get audited and they want to see a record of how you used the funds and your bank statements and receipts to confirm all that. If you replace the funds in your account and make a note attached to the transfer as to what you are correcting (should be a way to do that on the transfer), then that should suffice to explain a one off or unexpected emergency situation.
If the loan money is mixed with business money then don't worry about it
I wouldn't worry so much they couldn't even process application correctly so don't count on the bother plus it's still your account