|
11-03-2014
| Junior Member | | Join Date: May 2014
Posts: 13
Thanks: 3
Thanked 2 Times in 2 Posts
Activity: 0% Longevity: 57% | | Paypal account access has been limited (Tax ID)
So I got the dreaded email from paypal to my stealth account for not providing a SSN/TIN/EIN number. My limits are 300/$7500 right now and I've been selling quite a bit (Just hit around 190 items sold).
I can't use my SSN because it is linked to an account that got banned.
I used a variation of my name, and the address that I used is that of my uncle's address.
I don't know what to do. This eBay/paypal account were doing really well for me :(
|
The complete step-by-step guide to get back to selling today!
| |
11-03-2014
| | Executive [VIP] | | Join Date: Sep 2010
Posts: 14,302
Thanks: 1,110
Thanked 4,934 Times in 3,399 Posts
Activity: 0% Longevity: 78% | | Re: Paypal account access has been limited (Tax ID)
Then you need to get an EIN.
|
11-03-2014
| | Executive [VIP] | | Join Date: May 2013
Posts: 1,796
Thanks: 416
Thanked 801 Times in 502 Posts
Activity: 0% Longevity: 63% | | Re: Paypal account access has been limited (Tax ID)
EIN from a LLC (corp). Also watch for a response from Yankee. They are pretty adept to doing this as well. If you love this account, then talking to a tax professional and paying the $300-$400 fee to form an LLC should be worth it!
|
11-03-2014
| Banned | | Join Date: Feb 2013
Posts: 1,811
Thanks: 2,511
Thanked 285 Times in 235 Posts
Activity: 0% Longevity: 64% | | Re: Paypal account access has been limited (Tax ID) |
11-03-2014
| Senior Member | | Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID) Quote:
Originally Posted by bjammin EIN from a LLC (corp). Also watch for a response from Yankee. They are pretty adept to doing this as well. If you love this account, then talking to a tax professional and paying the $300-$400 fee to form an LLC should be worth it! | How do you feel about sole proprietorship?
|
11-03-2014
| | Executive [VIP] | | Join Date: May 2013
Posts: 1,796
Thanks: 416
Thanked 801 Times in 502 Posts
Activity: 0% Longevity: 63% | | Re: Paypal account access has been limited (Tax ID)
Sole Proprietorship and Partnership will link back to your SSN instead of an EIN. So avoid those 2 options with PP.
| The Following User Says Thank You to bjammin For This Useful Post: | |
11-03-2014
| Junior Member
Threadstarter  
| | Join Date: May 2014
Posts: 13
Thanks: 3
Thanked 2 Times in 2 Posts
Activity: 0% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID) Quote:
Originally Posted by bjammin EIN from a LLC (corp). Also watch for a response from Yankee. They are pretty adept to doing this as well. If you love this account, then talking to a tax professional and paying the $300-$400 fee to form an LLC should be worth it! | This might sound dumb but, does forming an LLC require talking to a tax professional or is it something that can be done by myself?
|
11-03-2014
| Senior Member | | Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID)
I've heard mixed opinions on this. When I get to the point where I have a account strong enough I think I'll follow your advice. Some people say paypal only sees your SSN if they have a reason too. If I have a account that is strong enough that needs a EIN I mid as well just invest in it and buy a LCC. OP should do the same! Always think long term.
|
11-03-2014
| | Executive [VIP] | | Join Date: May 2013
Posts: 1,796
Thanks: 416
Thanked 801 Times in 502 Posts
Activity: 0% Longevity: 63% | | Re: Paypal account access has been limited (Tax ID) Quote:
Originally Posted by WLee1982 This might sound dumb but, does forming an LLC require talking to a tax professional or is it something that can be done by myself? | Since I am not a tax professional and I could just be some random dumb ass on here (not claiming that I am or am not), you should talk to someone who knows their stuff, Tax Attorney or CPA. You do not want to go through legal zoom. I hear they are steep on their charges. You should have questions or at least answers that need validation by a professional. Plus, they would be the ones to form the LLC for the EIN.
You may not need a professional. You may be able to form it yourself without help. Personally, I would not. If you screw up, you will be out the money to form the LLC anyhow, then you'll have to redo it...maybe. I just think it is best to get it done right the first time.
| The Following User Says Thank You to bjammin For This Useful Post: | |
11-03-2014
| | Senior Member | | Join Date: Jul 2011
Posts: 307
Thanks: 21
Thanked 13 Times in 11 Posts
Activity: 0% Longevity: 73% | | Re: Paypal account access has been limited (Tax ID)
Why can't he make a sole proprietorship and obtain an EIN for his SP, doesn't it work the same way as having an LLC? All paypal can see is the EIN Number right, how could he be more likely to get linked if he has a SP compared to an LLC
|
11-03-2014
| Senior Member | | Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID)
Yea I asked about this a while back and basically just got nasty remarks from people saying you can't ask this yada yada.. I honestly don't even know how to get a tax professional (I just turned 22) ...I only turn to this place because whenever I tell anyone I know about what I do and how I make money...it never sounds right. People always think I'm committing identity theft/felonies...
|
11-04-2014
| Senior Member | | Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID)
Technically with a SP its connected directly to your S.S thats why we only get 1 from the IRS. With a LCC many people can "become partners, own it" ...like Best Buy for instance. Thats why when the banks went down during the recsion a lot of the people high up didn't go to prison. I believe (may be wrong) paypal only can see a business name and obviously the EIN with LCC, but with SP they CAN if they want to see the name attached since its directly connected to your S.S
| The Following User Says Thank You to solefoodbk For This Useful Post: | |
11-04-2014
| Senior Member | | Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID)
Of course you can always still be limited and forced to provide a S.S ... never 100% bullet proof.
|
11-04-2014
| | Senior Member | | Join Date: Jul 2011
Posts: 307
Thanks: 21
Thanked 13 Times in 11 Posts
Activity: 0% Longevity: 73% | | Re: Paypal account access has been limited (Tax ID)
I'm not too sure about the part where you said they can see your name/SSN if you provide an EIN that is attached to a SP. I'm pretty sure all they can see is the EIN.
I know when you get the 1099k form at the end of the year, your stealth name will show up on the form so that may cause problems with the IRS. That's the only downside I can see from using a SP. But my accountant said they don't care what the name is, they only care about the SSN or EIN number and they only care if they are getting their money.
|
11-04-2014
| | Executive [VIP] | | Join Date: Sep 2010
Posts: 14,302
Thanks: 1,110
Thanked 4,934 Times in 3,399 Posts
Activity: 0% Longevity: 78% | | Re: Paypal account access has been limited (Tax ID)
Sole Proprietorship EIN = will link back to SSN....
Corporation LLC (EIN) = Won't....
Which part does not make sense?
| The Following User Says Thank You to MM78 For This Useful Post: | |
11-04-2014
| | Senior Member | | Join Date: Jul 2011
Posts: 307
Thanks: 21
Thanked 13 Times in 11 Posts
Activity: 0% Longevity: 73% | | Re: Paypal account access has been limited (Tax ID)
ive been using an EIN with a Sole proprietorship for years now even though my ssn has been banned and haven't had a problem.
by the way you sound really obnoxious and rude when your phrase your questions like that, we're just discussing.
|
11-04-2014
| | Executive [VIP] | | Join Date: Sep 2010
Posts: 14,302
Thanks: 1,110
Thanked 4,934 Times in 3,399 Posts
Activity: 0% Longevity: 78% | | Re: Paypal account access has been limited (Tax ID) Quote:
Originally Posted by lightmaria by the way you sound really obnoxious and rude when your phrase your questions like that, we're just discussing. | Was I obnoxious when you've PM me in the past several times for help?
|
11-04-2014
| Senior Member | | Join Date: Oct 2014
Posts: 347
Thanks: 34
Thanked 71 Times in 60 Posts
Activity: 0% Longevity: 54% | | Re: Paypal account access has been limited (Tax ID)
If paypal for any reason needs to dig deeper into your account and EIN, there are sites to lookup information pertaining to that EIN, including the IRS if they have to, so in a SP it will then show your real name/SSN, while in a LLC it will just show the LLC name.
You might not had any problems so far because Paypal hasn't looked into it deep enough or you don't have issues, but that doesn't mean it won't be linked to your SSN.
The main point of an LLC is Limited Liability so anything negative that happens with that LLC, including tax issues, won't affect you personally or your assets, so that's another benefit you have, we're talking IRS stuff here so gotta be very careful how you do things especially since we're using stealth names, etc. That's the reason people suggest to talk to a tax professional to avoid getting yourself into any liabilities or dangers with taxes.
| The Following 2 Users Say Thank You to trosky For This Useful Post: | |
11-04-2014
| | Senior Member | | Join Date: Jul 2011
Posts: 307
Thanks: 21
Thanked 13 Times in 11 Posts
Activity: 0% Longevity: 73% | | Re: Paypal account access has been limited (Tax ID)
@ MM No not particularly, but you are now.
But it's whatever if thats how you talk then its whatever I just had a bad day but when people say things like "which part doesn't make sense.." it just sounds really rude and unneeded when this forum is suppose to enlighten people not make people feel stupid.
But yea I'm not gonna say anything else about it.
And yea also back on topic I've been using a EIN with a sole prop attached on a stealth account where the names do not match up and have had no problems with PP and no problems filing my tax returns. I've also read a lot of posts where people haven't had a problem with doing this either. I plan on calling IRS and asking them more about this in the morning, to see if it won't cause any problems in the future.
|
11-04-2014
| Senior Member | | Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID)
Point proven. This topic creates contradictory answers. What I would recommend as I'm sure MM78 would ...you probably have invested a lot of time in this account if you have got to the point where they NEED your S.S or EIN.
Invest in yourself! Buy a LCC and pat your self on the back that you could officially consider yourself a business man (in the eyes of the government at least haha)
Its silly to risk a account suspension if your account is strong enough to continually make you profit.
|
11-04-2014
| Senior Member | | Join Date: Apr 2014
Posts: 2,242
Thanks: 449
Thanked 419 Times in 333 Posts
Activity: 39% Longevity: 57% | | Re: Paypal account access has been limited (Tax ID) Quote:
Originally Posted by lightmaria @ MM No not particularly, but you are now.
But it's whatever if thats how you talk then its whatever I just had a bad day but when people say things like "which part doesn't make sense.." it just sounds really rude and unneeded when this forum is suppose to enlighten people not make people feel stupid.
But yea I'm not gonna say anything else about it.
And yea also back on topic I've been using a EIN with a sole prop attached on a stealth account where the names do not match up and have had no problems with PP and no problems filing my tax returns. I've also read a lot of posts where people haven't had a problem with doing this either. I plan on calling IRS and asking them more about this in the morning, to see if it won't cause any problems in the future. | How do you go about asking the IRS without sound like your committing identity theft? I keep running into this issue when I tell anybody outside this forum how I make my money. After I get done explaining they look at me like I just spoke in a foreign language. I'm kinda young so I don't honestly even know how to even obtain a tax professional. What did they say when you said you operate accounts under false/⊗⊗⊗⊗ names??? I need to talk to someone soon so I'm really interested in your response!!!!
|
11-04-2014
| | Senior Member | | Join Date: Jul 2011
Posts: 307
Thanks: 21
Thanked 13 Times in 11 Posts
Activity: 0% Longevity: 73% | | Re: Paypal account access has been limited (Tax ID)
Yeah, I'm not rly sure how the conversation is gonna start lol. I'm just gonna be like oh I accidentally used my nick name for paypal and they already sent out the 1099k form I think is it cool if names don't match. I'm gonna try and play rly dumb and hopefully the person on the phone doesn't catch on. But I have other questions to ask unrelated to this stuff so I'll probably ask those first.
Ya I talked to 2 different cpas. I'm 22 also, and when I tried explaining how I have 5 diff ebay accounts and like 8 bank accs, a sole prop, and a LLC they thought I was crazy. But basically they all told me the same thing, that the IRS doesn't care about anything as long as they are getting your money and the tax payer numbers match up. So basically on your tax returns just write your tax id number, and write a check and you're good to go. Not sure if its that easy that's why I'm still inquiring about this stuff.
also this is the thread I read about paypal not being able to see your SSN they can only see if it matches or not: http://www.aspkin.com/forums/paypal-...y-ssn-ein.html
Not sure if things have changed since then.
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | |