1099k

[TheRealist]

Hi all. I just received a 1099-K for one of my stealth business accounts. However the 1099-K is in the individuals name, and not in the business name. The TIN however is that of the Business Entity.
Will that raise any redflags?

[Kajunrook]

There are two separate opinions on this, my accountant says yes, but others on here say no problem.

[TheRealist]

Yes I'm not sure why PayPal didnt just generate it in the name of the busines...

[rsot]

Originally Posted by TheRealist

Yes I'm not sure why PayPal didnt just generate it in the name of the busines...

Maybe worthwhile to ask for reissue in business name (if possible) - not super-familiar with this process.

You used a TIN though or do you mean EIN?

[phaz0rz]

In 2016 I had 3 1099's with the name of the individual and did not have problems, but I'm not a professional and I'm not claiming it's safe.

I believe it depends on what type of EIN entity you use when you upgrade. Since single member LLC's and sole prop's are both disregarded entities that may be why it shows a name + EIN instead of a business name + EIN.

[nodeal]

My 1099 for S corp showed the Stealth individual name. My accountant said it was OK as long as the business name matches. Did not have an issue.

****EDIT****

I pulled up my tax document to look over it again and I misspoke. It was the address that was stealth and the accountant said did not matter. The 1099 was, however, issued to the business name.

I do not know why PP would issue a 1099 in the individual name if you have a business account.

[nodeal]

Originally Posted by phaz0rz

So your 1099k showed the individual's name and your business name?

Or do you mean your accountant said it's OK as long as the EIN matches? Because that's pretty much what my tax guy said..

I reexamined my tax form and realized I was mistaken. It was the stealth ADDRESS the accountant said was fine. But the 1099 was issued to my business name, not the individual name. I edited my post to correct is mistake.

[TheRealist]

I have EIN for all the businesses in stealth. I'll see if i can resolve with paypal which i highly doubt as i know they are uptight regarding taxes. Ill post update. or perhaps this is one of those gray areas in Tax compliance..