1099-sent to wrong name -business account

[al3xj0n3s]

Didn't think the acc managing name mattered. had ein # on account but apparently not an LLC but sole proprieter. got a irs 1099 to the non official business owner name. letters dated over 1 month ago but no request on paypal to update the name info. also tried changing paypal name but it doesn't appear to submit when you try to send them the requested document. we just need to be able to pay the tax. btw we were not even over 20,000/200 either. what should we do to correct this?

[yankee]

if you did not sell 200 AND 20K then you did not get a 1099K that is the IRS law.

You pretty much cant change a name on a paypal account. You can upgrade to business and change the name and number on that, but that would not matter for last years sales, only this years.

[al3xj0n3s]

what if i already am a business account?

[phaz0rz]

Pass the profits from your business through to your personal tax return. An accountant would know what to do. Name on the 1099 doesn't make any difference in my experience as long as it's your EIN.

Use LLC's in the future and the name on the 1099 will be your LLC.

BTW I don't know what's up with you getting a 1099 but not hitting both thresholds. Either you have the same tax ID on two accounts or your account lives in one of those two states that now require everything to be reported? I think it was VT and MA but I'm not sure.

[newjerseymax]

Originally Posted by phaz0rz

Pass the profits from your business through to your personal tax return. An accountant would know what to do. Name on the 1099 doesn't make any difference in my experience as long as it's your EIN.

Use LLC's in the future and the name on the 1099 will be your LLC.

BTW I don't know what's up with you getting a 1099 but not hitting both thresholds. Either you have the same tax ID on two accounts or your account lives in one of those two states that now require everything to be reported? I think it was VT and MA but I'm not sure.

Its only a matter of time before other states follow...

Its the same as medical Marijuana. As soon as other states saw how much potential there was they wanted in. They don't care about people.

[phaz0rz]

Originally Posted by newjerseymax

Its the same as medical Marijuana.

I wish my state would hop on that particular bandwagon.. :/