All Forum Posts by: Paul Granneman

All,

I have been an "ex-pat" for most of my life. It is finally time for me and my family to move back to the US.

The question I have is: if I was to try and move into your house how would I fare with the background check, etc.?

The last time I actually lived in the US was 1987. I have good credit, but no rental or ownership history of US property. My wife is Japanese and has never lived in the US (so no SSN and no work history). My job is new in the US, so I cannot show longevity for that. My previous employer was a US company, but we worked overseas so they may or may not verify.

This is a real scenario so I would appreciate honest responses and any advice that you BP folks can muster.

Thanks!

The reason I think it is a scam is that there is NO contact information either in the ad or in the google doc.

If it was a site trying to sell educational material or actually get birdogs, then there would be some sort of contact information in the ad.

It seems to me that they are fishing for identity information. If you open the google doc that is there they want your name, e-mail address and cell phone and complete address of your residence.

These are the classic symptoms of a phishing attack and open you up to identity theft.

Ned has pointed out the key factor here.

As as S-Corp you have to pay income taxes on each and every dollar that your company makes. You have stated that you are doing this. The point that you are missing is that you are not "just" responsible for the income tax, but for the payroll tax as well. The IRS expects you to pay payroll tax on some portion of that income - this is where you are trying to "change" the rules by not taking a salary or distribution. I am no expert, but that is not the way it works. Having an S-Corp gives you the tools needed to control how much of the profits are subject to payroll tax. As most of the other S-Corp owners here have pointed out, you have control over what is paid out as salary or distributed in other ways. The expectation (from the IRS as noted in the myriad of lawsuits that you have researched) is that you "will" pay yourself a reasonable salary and there is no getting out of that because Uncle Sam wants his money.

Your own admission of not being able to find any precedent should be a warning bell. If you choose not to pay yourself a salary or distribution then it is possible the IRS will come hunting for the payroll taxes.

If you find a way out of paying payroll taxes, then let the other S-Corp folks know as I am sure that they want to do the same thing.

Where is the like button for this?

Excellent quote @Corey Davis !

If you have read any of the "guru" books or listened to any of their video material, then you know that a college education does not necessarily mean an education in success.

My advice would be to determine what your "passion" is and study in any way possible about that. If that means a formal college degree so be it.

Before deciding, go to the local library and either read or check out the audiobook by Dr. Thomas J. Stanley PhD. - The Millionaire Mind.

Unfortunately for me I will not be able to make the meet-up because I live overseas at this time.

When I am back in the area next year I look forward to meeting some folks in person. In the mean time maybe I can make some "virtual" contacts.

Excellent find Grant. Thank you for publishing this.

Recently a family member passed away without a will. This family member has a normal 3/2 SFH in an un-remarkable neighborhood. The surviving family members have agreed to make me the owner of the house. We have contacted an Estate Attorney and he has assured us that settling our passed family members affairs will not be a problem. The house has a first and second mortgage on it, the total amount of this debt is $140K, the appraised value from the local county assessor was $189K. I plan to continue paying the mortgages and bills for this house. Anyone have an idea what happens when the mortgage company finds out my relative has passed away? I do not have the money for a downpayment to "buy" the house in the normal manner. I have plenty of income to cover the bills and mortgages. Is it possible for me to "assume" the current mortgage and continue making the regular payments? Any advice on this would be greatly appreciated. I know I have left dozens of questions unanswered, please forgive me this is my first post.