PayPal Wants W9 - Claims Name Mismatch
Hello All,
Back in early July 2018, I received a name mismatch for PayPal because I abbreviated the business name on PayPal with the registered EIN instead of spelling it out. Just for example, let's say my business name was Buy Stuff Now LLC. I had it abbreviated as BSN LLC on PayPal. But IRS had it as Buy Stuff Now LLC for the EIN.
I went ahead and changed the business name and it cleared the limitation. However, today I received a new limitation and an email as followed: "Action required: Update your information for tax reporting.
XXXXXXXXXX,
We’re required to submit a Form 1099-K to the U.S. Internal Revenue Service (IRS) when the payments you receive through your PayPal account for goods and services exceed the applicable tax information reporting thresholds. Because the name and Tax Identification Number (TIN) we have on file doesn’t match the information on file with the IRS, we need you to update your account information.
Please follow the steps below to update this information, so we can file an accurate Form 1099-K with the IRS when necessary, and you can avoid potential account limitation in the future.
Download a U.S. IRS W-9 tax form here. Complete and sign the form.
Log in to your PayPal account.
Then, visit the Resolution Center to upload the W-9 tax form by September 15, 2018.
Important: If you don’t correct your name and tax identification mismatch, PayPal might be required to limit your account in order to comply with IRS requirements.
Helpful tips:
If you’re an individual or a sole proprietor, you’ll need to complete the W-9 with the PayPal accountholder’s legal name.
If you’re a legal entity (example - Corporation, LLC, non-profit), you’ll need to complete the W-9 with your business’s legal name.
If you have multiple PayPal accounts, you need to ensure that your name and TIN is correct for each account.
You can learn more on our Tax Information Reporting page.
If you have questions, click the Help & Contact link at the bottom of any PayPal page.
Thank you,
PayPal"
So, what do I do? The PayPal and EIN business name match up already. They are exactly the same. Both are "Buy Stuff Now LLC" so I'm pretty confused as to how there could be a mismatch. I mean, it is a stealth account. Maybe that's it? I'm not sure. Any help would be much appreciated.
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