paypal 1099

[computerpartsrus]

Does anyone know exactly what I should do once I hit the 20k limit on paypal? Paypal 1099's after 20K and not sure exactly how to do this with a stealth account. I assume if I open up a LLC with new EIN they will 1099 the LLC and not individually? How should I report the taxes at year end personally with the 1099 to the corporation. Income came into the LLC but I still have to report income personally?? Please Advise

[vogeltron]

If it is stealth account with a phake name then you would have to go the EIN route. I am not sure how other people do it because on the 1099k it says the name registered on the PayPal account not the business name. So if you have a phake name then that is what is filed with IRS. At-least with Sole Proprietorship (You can get one EIN as an individual). Nobody who went through LLC/EIN process that I have seen has spoken up over the past 4 years.