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  #46 (permalink)  
Old 07-27-2007, 05:25 PM
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canleo98 will become famous soon enough
Default Yates memo

I have uploaded the Yates Memo

Quote:
Originally Posted by satishku_2000
Hey

you have any link to the memo?
Attached Files
File Type: pdf Yates_Memo_ability_to_pay.pdf (934.9 KB, 78 views)
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  #47 (permalink)  
Old 07-27-2007, 07:40 PM
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Default Ability to Pay for a s-Corporation.

I hope any of the accounting Guru's here help me answer this.
I got an RFE for ability to pay. My current wage is 4000$ less than the prooffered wage. My company filed 1120S and there is no net income line on it, there is only a Ordinary Business Income (total income- Total deductions) line which has 6503$. Is Ordinary business income considered same as Net Income?

My Lawyer is trying to include a cover letter arguing that Current wage + Net Income > Prooffered wage. Do you think "Ordinary Business Income" can be considered as "Net Income".

THanks
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  #48 (permalink)  
Old 07-27-2007, 07:43 PM
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Default

Since UN is back, he is best person to answer all your ability to pay questions.
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  #49 (permalink)  
Old 07-27-2007, 08:21 PM
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Quote:
Originally Posted by americandesi
My PERM got approved on 07/23/2007 and my attorney is planning to file I-140 and I-485 concurrently by Aug 15, 2007.

I was offered a wage less than the proffered wage till pay period 07/15/2007 and my employer revised my wage to match the proffered wage from pay period 07/31/2007. Hence I would be able to submit 2 paystubs for payperiods 07/31/2007 and 08/15/2007 with I-140 application, which shows that I am currently getting paid the proffered wage.

Please let me know if these 2 paystubs alone are sufficient to demonstrate ability to pay.

We wouldn't be able to submit the employers Quarterly Wage reports with the revised wage as the current quarter ends only on Sep 07.

I understand that USCIS will issue a direct denial without an RFE if the employer is unable to prove atleast one of the following

(1) Net income - The initial evidence reflects that the petitionerís net income is equal to or greater than the proffered wage
- (Supporting Evidence : Tax Returns).

(2) Net current assets - The initial evidence reflects that the petitionerís net current assets are equal to or greater than the proffered wage.
- (Supporting Evidence : Audited Financial statement)

(3) Employment of the beneficiary - The record contains credible verifiable evidence that the petitioner not only is employing the beneficiary but also has paid or currently is paying the proffered wage.
- (Supporting Evidence : Annual/Quarterly Wage reports, paystubs)

Ours is a small company and doesn't have net income or net assets matching the proffered wage.
Can anyone please answer this question?
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  #50 (permalink)  
Old 07-29-2007, 10:22 AM
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Default Help: Net Assets on tax return

How can we figure out the net assets from a 1120S tax return? I have the copy of company tax return with me and I am "accounting challenged". Can some one please help me figure out the net assets, so that I can answer my ability to pay RFE.

Thanks
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  #51 (permalink)  
Old 07-29-2007, 05:12 PM
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Quote:
Originally Posted by arunkotte
How can we figure out the net assets from a 1120S tax return? I have the copy of company tax return with me and I am "accounting challenged". Can some one please help me figure out the net assets, so that I can answer my ability to pay RFE.

Thanks
Company tax returns can only show the NET INCOME . You need an Audited Financial Statement prepared by a CPA to show NET ASSETS
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  #52 (permalink)  
Old 07-29-2007, 05:46 PM
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Default

Quote:
Originally Posted by americandesi
Company tax returns can only show the NET INCOME . You need an Audited Financial Statement prepared by a CPA to show NET ASSETS
Schedule L on 1120S lists all the assets, Liabilities and Shareholders equity. Can this not be used to figure out the net current assets?? I got an RFE specifically instructing us to submit W2 and tax returns for 2006.

Last edited by arunkotte; 07-29-2007 at 05:48 PM.
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  #53 (permalink)  
Old 07-29-2007, 11:02 PM
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Default

Quote:
Originally Posted by frustrated2007
Based on my research I found out that net assets for an S corporation can be found on Schedule L on 1120S. Net assets=[sum of lines (1d-5d)] minus [sum of lines (16d-18d)].
If net assets+existing wage>proffered wage, the company has ability to pay.
frustrated2007,
Thanks for the info, In that case my firms tax returns show healthy net assets , lot more than the proofered wage. But I am still worried about the previous americandesi post about requiring Audited Financial statements to show net assets. I don't think my company will spare the time and money to prepare audited financials.
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  #54 (permalink)  
Old 07-30-2007, 12:25 AM
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Default

Quote:
Originally Posted by americandesi
Can anyone please answer this question?
Yes, two paystubs along with nice covering letter and financial analysis from your attorney is enough to prove your company's abilty to pay
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  #55 (permalink)  
Old 07-30-2007, 03:13 PM
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Quote:
Originally Posted by arunkotte
frustrated2007,
Thanks for the info, In that case my firms tax returns show healthy net assets , lot more than the proofered wage. But I am still worried about the previous americandesi post about requiring Audited Financial statements to show net assets. I don't think my company will spare the time and money to prepare audited financials.
Please read page 2 of Yates memo (Refer link). The Initial evidence "Annual report", "Tax return", and "Audited financial statement" map to "Employment of the beneficiary", "Net income" and "Net current assets" respectively.

http://www.visaportal.com/downloads/...20to%20pay.pdf

Last edited by americandesi; 07-30-2007 at 03:15 PM.
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  #56 (permalink)  
Old 07-30-2007, 03:48 PM
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Default

Quote:
Originally Posted by americandesi
Please read page 2 of Yates memo (Refer link). The Initial evidence "Annual report", "Tax return", and "Audited financial statement" map to "Employment of the beneficiary", "Net income" and "Net current assets" respectively.

http://www.visaportal.com/downloads/...20to%20pay.pdf

How can an Annual report prove "Employment of beneficiary" and he/she is been or currently is paid the proffered wage??

Last edited by arunkotte; 07-30-2007 at 03:51 PM.
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  #57 (permalink)  
Old 07-30-2007, 04:30 PM
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Quote:
Originally Posted by arunkotte
How can an Annual report prove "Employment of beneficiary" and he/she is been or currently is paid the proffered wage??
All of the following can be used to support Annual Report.

FUTA and Annual Reconcilation statement (Form 940, DE7)
Quarterly wage report and Tax return for the past 4 quarters (Form 941, DE6)
Payroll summary report
Paystubs for the entire year
W2's
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  #58 (permalink)  
Old 07-30-2007, 10:38 PM
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Default Box F in 1065

Quote:
Originally Posted by americandesi
Company tax returns can only show the NET INCOME . You need an Audited Financial Statement prepared by a CPA to show NET ASSETS
Box F in 1065 form has TOTAL ASSETS field. Form 1065 is for the Partnership firm. Why not other companies tax return will not have this field?. I just got an RFE on my I-140 requesting 2006 tax return.
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  #59 (permalink)  
Old 08-01-2007, 03:35 PM
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Default urgent help need .. FEDEX messup my application

Response for my RFE on 140 was supposed to be sent in by today. My Law office sent in the resposne using FEDEX overnight yesterday. I come to work in the moring and check the status of FEDEX and it says it is still in transit. I call the fedex office with tracking number and they say there was a big technical problem and hydraulic leak in the plane that was supposed to carry my response. Fedex says they will try to deliver by after mailroom closes today and they are ready to issue a letter stating that its their mistake. Do you guys think my response will be accepted tomorrow or I get a NOID for my 140? My lawyer says that if FEDEX trys to deliver it by today and they fail we should be ok or if they issue NOID we can always rebut back with letter from FEDEX and open a MTR .. any one of you guys have any such experience. I dont want to blame any one here excpet my luck in the whole process.

Any input guys .. I really dont know what to do .. I am almost half paralyzed , I am in 6th year of my H1 and ends in december ..and my PD is Sep 2004 .

Urgent any help or input ...
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  #60 (permalink)  
Old 08-01-2007, 03:38 PM
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Default bumping up

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