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Old 09-10-2015
plumsake2's Avatar
plumsake2 plumsake2 is offline
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Default Re: Tax Time

Quote:
Originally Posted by stargazinc View Post
if you already got asked its to late. I myself going through the same thing, what these guys forget to tell you when you buy a stealth account is you need to upgrade your account to business before paypal starts asking for numbers. They put a restriction on your account, so when its at that point and you go to put in a ein number online, upgrading to business they say account is limited please call. So now you have to wait until next year to use it.
It's not too late if you were already asked; it's just advisable to plan ahead if you know you're going to come anywhere near the 200 transaction/$20k threshold.

Just because you didn't upgrade before you were asked for a tax ID number, it doesn't mean the account is toast. Not allowing an easy upgrade to a business account is a fairly new thing Paypal started this year - before, it was just a few button clicks and wasn't much of a hassle.

But still, you don't have to throw away your accounts until 2016 just because you got the tax ID request. You can call and get a Paypal rep to add it for you and remove the limitation.

This is a good topic to read about Paypal's recent changes to how they handle tax IDs: http://www.aspkin.com/forums/paypal-...ss-paypal.html
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