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About razorbackmama

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  1. This thread is a year old. He is having a graduation party at the end of June but will not be receiving a diploma until he completes the work.
  2. It could be that he is selling to raise funds to pay back the business debts. He may not HAVE to sell, but he may be doing it anyway just to get some cash. I've heard that he and his wife are both looking for employment to pay back what they owe. Or it could also be that maybe he mishandled his personal finances just as badly.
  3. Oh yikes. June 2014 is about the right time for him to start getting wind of the IRS situation and for him to register as an LLC instead of losing all of his personal finances. Not good.
  4. Exactly. That is what a couple of the teachers are telling us happened. There is a gray area, but IMO it's just safer when it's not clear-cut to classify them as an employee. I'm actually dealing with this with a client, and I may research it more and recommend employee over contractor, just because of the "what if you get audited and lose" scenario.
  5. That actually isn't what it means. Regardless of whether it was an LLC, an S-corp, a C-corp, or a sole proprietorship, he (or the business) most likely would be filing bankruptcy, which would mean the debts would be eliminated. The only one that will ever see any money is the IRS. LLC simply means that he functions tax-wise as a sole proprietor, but in situations like this, his personal finances are protected from any business issues.
  6. Whew, at least he won't be personally liable for the debts of the business. Such an awful situation.
  7. I own a bookkeeping practice. I could curl your hair with what people think are sound business practices. I agree...if he had obtained better financial advice, he would not be in this mess. (And I'd bet money he was a sole proprietor, based on the lack of sound financial advice he received, so he is in deep, deep doo-doo.)
  8. It's unearned revenue in accounting terms, which is a liability. It's money owed to someone. Businesses do it all the time (like with a magazine subscription), but the bookkeeping has to be done correctly in order to account for it. I'm thinking their bookkeeping was NOT done properly at all.
  9. I wonder if that depends on how they used their email. I've gotten some emails from 3 of our 4 teachers that came from their personal emails. I do know that the one teacher told me she couldn't access the gradebook any longer. Sigh.
  10. Yes. I am kind of scared that they weren't, since it is evident they did not receive sound business advice regarding the employee vs. independent contractor issue. :-( OR how to handle it once they knew that they would owe the IRS. I feel so bad for them!
  11. What is especially troublesome is that up till just a few days ago, you could still purchase generic credits on their site and sign up for other things. Yet I KNOW that they have known for months that this was coming (since that's the way these sort of things happen). I'm trying very hard to think the best of the founders, but it's difficult. ETA: Their website still says you can register for spring classes. I haven't actually TRIED to register, so I don't know if it works though.
  12. I'm a little irritated myself, as a parent with students in full-year classes, and as a friend of one of the teachers. I'm in the accounting profession and have reached out to Greg to help if I can.
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