EIN question... do you call and cancel unused EIN? Penalty for not declaring taxes?
I have an old EIN I have never done anything with. I was going to use it for another venture about 3 years ago, but never did. Even worse, the documents show I have been supposed to report taxable revenue quartly, not yearly, because of the 'expected revenue' I listed on the application.
Am I in trouble for not filing, when the income tied to the EIN has been zero? I never did anything with it, never took in any money, but never filed any paperwork since the initial application, either..
Should I just type it into PP anyway, and when/if I get taxed, and PayPal sends the 1099, they will see that this upcoming year is the first taxable ammount?
I'm not sure if it's up to me to prove there was zero income at this point, or up to them to prove otherwise? Also not sure the EIN is even active after being dormant 3 years.
Last edited by stressed08; 05-26-2016 at 06:52 PM.
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