Re: Paypal asking for SSN.. Can't get EIN w/o a SSN... What to do?
You can use a Sole Proprietor EIN if you stealth account is still in your real name.
The set up I have is that my stealth account is in my real name, but my address, phone number, email address, and IP / Computer User Account are all different. So when I got a Sole Proprietor EIN, it was registered to me with my real name. When I went to add Tax ID to Paypal, it was no problem, as the EIN and PP account were both in the same name.
I believe (though have not done it this way) that if you get another kind of EIN (Corps or LLC), then the name that you register the EIN to needs to be the name that is on your PP account. If the names are mismatched, then the IRS will start asking questions when they get a 1099 from PP with the wrong name on it.
My understanding is that this is the solution for people whose stealth accounts are not in their real names:
Get a Corp or LLC EIN in the name of your business - ie "Dicsolovag's Rubber Chicken Emporium"
Change the name on your PP account from a person's name to the business name. - ie Change from "Dicso Lovag" to "Dicsolovag's Rubber Chicken Emporium"
Upgrade to a Business PP account by adding your Tax ID (enter your EIN any time it asks for your SSN, including the last 4)
More experienced members - please feel free to correct me if I'm wrong on the last part, as like I say, I haven't done it that way, but I believe that is how it is done.
|