Going over 20K on a stealth acct w/ stealth EIN

[Jingling2017]

Originally Posted by dallis

Changing the EIN or SSN doesn't mean the old info vanishes.

PP and EB NEVER FORGET ANYTHING.

You are digging your own grave.

Move on to another account, and, as you've already said you would, declare everything.

I checked the last 3 years on the paypal account and it only received $7K total. Yes, I agree you can't recycle an EIN number on another account so the LLC would have to be new and change the paypal business name to match.

So this is the first account in almost 9 months where I have been able to sell the products and the volume without having any issues like I have had in the past with other stealth accounts.

Can I make this legit and declare the info or jump to another account and run about 18K in it and keep moving on?

[shadowland18]

I upgraded a stealth paypal to business account with my own ein. It required me to enter last 4 digits ss when i had submit the upgrade and since stealth account isn't my own, i had to enter random 4 digits number, would this cause any problem in the near future for the paypal being limited? I heard entering last 4 digits of ein would work as well.

[SaiJin]

Hmmm... I would have not done that personally.
But right now, it's wait and see if you'll be ok.

Have you read the stealth guide yet? If not... please do...

[yankee]

made us last four SS numbers seem to get limited. Using the last of an EIN makes sense and has never caused a limitation as far as I am aware.

In the future you may want to research and ask questions before taking action like that.

[dallis]

You can make it legit. That'll allow you to go past 20K.

If you stop at 18k you can always come back next year and start over. The limit is yearly, Jan 1 - Dec 31st.

[shadowland18]

Originally Posted by yankee

made us last four SS numbers seem to get limited. Using the last of an EIN makes sense and has never caused a limitation as far as I am aware.

In the future you may want to research and ask questions before taking action like that.

PP has the option to update ss, if i change the ss to my ein, would it be ok? for sure it will replaced the random 4 digits i entered earlier.

[dallis]

I would guess that is true, but I don't know. Logically, it should work... if they didn't want to allow you to update to a different number they wouldn't give that option.

I know if it kicks back from the IRS they give you a chance to update it.

[shadowland18]

if you pass 20k threshold with your ein pp account, but the registered person's name is not you. can you still legally file for tax under the store name matching with ein?