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Paypal Limited PayPal Limited Account – A general forum on PayPal limitations and how to either lift them or create new accounts.

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  #1  
Old 09-19-2014
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Default Paypal limited asking for Tax ID or EIN

As im closing on 200 transactions but no past it, My Stealth PayPal verified account get SLAMMED with a limitation middle of the month forcing me to provide the following in order to continue to receive payments.

When Im on the IRS site(I've read other threads about obtaining EIN as my only option)There are different types of EIN's I can apply for like sole proprietor, estate, trust, LLC, etc

Im not sure which one to apply for that would benefit me to continue to sell on eBay, Mask my identity from getting linked to my original paypal while trying to save my stealth PayPal account

HELP

Last edited by kingdomcome84; 09-19-2014 at 05:03 AM.
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  #2  
Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

Talk with your accountant but the only real options are Corporations(you have two basic choices and how they get taxed) and LLC seems simplest but can add a self employed tax liability depending on how many members, etc...
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

No employees, just me trying to lift my limitation. So I'm guessing sole propriety EIN will link me back to my indefinitely suspended PayPal account. Correct?
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

Quote:
Originally Posted by kingdomcome84 View Post
No employees, just me trying to lift my limitation. So I'm guessing sole propriety EIN will link me back to my indefinitely suspended PayPal account. Correct?
You are trying to reuse an old EIN or...?
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

Quote:
Originally Posted by kingdomcome84 View Post
No employees, just me trying to lift my limitation. So I'm guessing sole propriety EIN will link me back to my indefinitely suspended PayPal account. Correct?
Yes it will show your personal info.
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

^^^
Interesting that sole propriety EIN's will expose my true identity. I'm trying to reach out to those that have been in the same situation as me. Please don't respond with "Seek Accountant". I need all my advice here. Accountants don't know how to help me lift my limited PayPal.

So since sole propriety is unusable, so am I only left with LLC
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

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Originally Posted by kingdomcome84 View Post
^^^
Interesting that sole propriety EIN's will expose my true identity. I'm trying to reach out to those that have been in the same situation as me. Please don't respond with "Seek Accountant". I need all my advice here. Accountants don't know how to help me lift my limited PayPal.

So since sole propriety is unusable, so am I only left with LLC
LLC, S-Corp, C-Corp.... ALL VERY DIFFERENT TAX SITUATIONS hence you need to see an accountant.

So to answer your question clearly, use any of the above but they are not created equal as far as IRS goes for your tax liabilities. All taxed very differently
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

A valid reason why they say 'seek an accountant' is because we are not a forum of accountants. (And if we were, we wouldn't be doing this for almost free)

This is the IRS, not paypal and ebay alone that you are playing with.

So....You must 'seek an accountant'

When the stuff hits the fan, the first thing you will say is 'DO NOT TRUST FORUM MEMBER XXXXXX BECAUSE THEY GAVE ME FAULTY ADVICE WHILE WORKING AT WALMART AS A GREETER!"
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

An LLC will be the simple way to go about it. Now, im not telling you what to do but;
Since it is only YOU.. you will then have to file whatever you make from this
stealth account... along with YOUR actual income.
With an LLC you are employing yourself, and need to give yourself a wage.

Your LLC will have it's own ID.. and YOU have your own ID.
There is no reason for them to be linked.

You should still speak with an accountant as this is beyond eb and pp.
Everybody has a unique situation, and those telling you to seek an accountant
are saying so for your own well-being.
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Old 09-19-2014
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Default Re: Paypal limited asking for Tax ID or EIN

My big problem with a single member LLC is the 15% extra self employment tax....so for every $100 you NET, $15.00 goes right to Self Employed tax, but then again every situation is unique....
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Old 09-21-2014
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Default Re: Paypal limited asking for Tax ID or EIN

WOW how many situations are there possible?? ..... i have never dealt with this (irs) before
so please explain .... why this is a big deal...at end of day if my ebay is doing over 100k in sales per year what should i do ? and how can i pay taxes ? can someone be clear to a guy who don't know anything the possible steps ect ......
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Old 09-21-2014
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Default Re: Paypal limited asking for Tax ID or EIN

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Originally Posted by Exclusive904 View Post
WOW how many situations are there possible??
Thousands of situations......hence you need to see your tax professional and create a strategy.

As for how you pay taxes, most people who have earned income have withholdings and have returns, etc...Most of us who in business have to write a check annually or quarterly depending on a few factors.
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  #13  
Old 09-22-2014
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Default Re: Paypal limited asking for Tax ID or EIN

Sorry to point out the obvious, but just start another PP account on another user account and redirect payments there.
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Old 09-23-2014
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Default Re: Paypal limited asking for Tax ID or EIN

thanks yankee and ...hmm ok ok so my old pp and ebay account went to collections i owed them money..i haven't logged in that account for almost a year nor do i intend to either....so i recently created a name variation of my own name and new ebay / paypal in my name of course everything else is different from my original( but i did use my social on that one ), bank info, ip info , phone, ect ect ect..it was created in april this year .. i am doing well so far paypal just released my funds immediately ..ive sold about 3k and 27 items in 5 months I'm taking it slllooowwwwwwww...of course bankroll isn't like i want it to be so i pay my ebay fees and i transfer money to other paypal account where i have friends card to get money out ...thats not a problem right ? and your telling me i can add any friend or family member real paypal account to MY EBAY ?how does this not link you ? and can i get ein and just add to paypal then get a paypal card to withdraw money out ?
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