Upgrading to business account?

[sickofbaypowertrip]

Right I know the IRS gives you one EIN and you can use it as DBA how many businesses you have but right now it's under XXXX and if I give it to them as XYZ will they be able to trace it back to XXXX?

[SweetPea]

If you start using an EIN, they will watch you more carefully to see how your business is doing. If you trigger an audit, they will ask for everything, including all your bank accounts. They have ways of finding stealth bank accounts. If you do not turn over ALL the info, they will get you for tax evasion. Then you are looking at doing time with high fines, including all the taxes you skipped out on. Be VERY careful with an EIN.

[BMW524]

Originally Posted by Sandy D

Those overnight stays in a nice hotel to find products to resell add up fast dont they KingRay?

haha done this quite a few times.... hey... you have to go to the nice warm locations to find the best deals! =)

[KingRay]

Yeah and all those expensive dinners for clients that I am trying to get.

[Greeko]

Originally Posted by KingRay

I have multiple EIN's and separate each one as a different business. I have 7 of them. 3 for ebay/paypal accounts and the others for local partnerships with family,etc (Brick and mortar businesses).

The address on the EIN means nothing. Just where to send the EIN paperwork which you get in about a week or so. Businesses change locations all the time. That would be impossible to match up for everything when it comes to business stuff. The SSN is what is most important for the IRS.

But what if the address on your business dba one was used for my personal account, which was suspended? Will they link the two?

[prudence]

you can form one business and have the stealth accts act like ebay assistants for the business, that way you can report properly at the end of the year to uncle sam. so i guess make one legit paypal business acct, then just billpay to the bank acct name all the funds to the business bank acct in a couple of weeks.....

[GrannyT]

Originally Posted by KingRay

Yeah and all those expensive dinners for clients that I am trying to get.

Poor old KingRay - all those expences - let me know if you need any help with them