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Old 07-20-2017
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Default Going over 20K on a stealth acct w/ stealth EIN

So I have a 3 year old Stealth account with a stealth EIN number. So far so good. Only thing that is real is my bank account.

I am going to pay taxes on the $ transferred, my question is this:

After $20K, Paypal sends a 1099 to the IRS and to the stealth name and address.

What are the ramifications if I put $50K through the account.....are they going to see the bank account and ask where the money is going?

Thanks for any help or info.
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Old 07-20-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

What exactly is a stealth EIN number ??

I don't like the sound of that
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Old 07-20-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

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Originally Posted by TGMT² View Post
What exactly is a stealth EIN number ??

I don't like the sound of that
Bought the account with a tax ID already in place.

again, I plan to pay taxes on the profit of every dollar sent to my accounts, adding my own tax ID will burn the account anyways since that will cause headaches with name and addy not matching in the IRS system.


I guess the smartest thing is run $19K through it then move on to another stealth and revisit in 2018. Any other way and the account will be toast.

Just wondering if people have experience with this.

Last edited by Jingling2017; 07-20-2017 at 05:49 PM.
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Old 07-20-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

You are playing with identity theft fire. Proceed with caution.
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

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Originally Posted by yankee View Post
You are playing with identity theft fire. Proceed with caution.
How is it different from what people do with adding a tax ID and running 50K through it and then getting a letter from the IRS that the name on the account and paypal don't match?
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by Jingling2017 View Post
How is it different from what people do with adding a tax ID and running 50K through it and then getting a letter from the IRS that the name on the account and paypal don't match?
When you add EIN to PayPal, the account is switched from personal to business account meaning all tax documents will be in the business name which is linked backed to you from registering for an EIN. The name on the ebay acct is irrelevant when it comes to taxes. All of that is handled through paypal. No one should've sold you an account with an EIN number already registered. It doesn't make sense for anyone, especially whoever the EIN is registered too. Just asking for problems, and the IRS isn't who you want problems with
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Noone sold you an account with an EIN attached. Noone in their right mind would do that since the EIN attached would need to file the taxes for that account.
What you have is an account that has the SSN attached which means that sooner or later the person whos identity was used to create that account and whos identity was stolen will discover this theft since the IRS will be notifying HIM of the backtaxes he supposedly owes.
From there it could snowball to a federal case - and since you have your REAL bank account attached you would be quite easy to track down with a quick court order to the bank to reveal the identity of that bank account holder.
Better think twice before you continue operating such an account.
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Ok thanks for the responses......what if I removed the EIN and added another in the same name the business is under the stealth account?

Also, if I am under 20K, which the account currently is then all of this is pretty much a moot point since a 1099 would never be generated?

Thanks!
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by Jingling2017 View Post
Ok thanks for the responses......what if I removed the EIN and added another in the same name the business is under the stealth account?

Also, if I am under 20K, which the account currently is then all of this is pretty much a moot point since a 1099 would never be generated?

Thanks!
File an EIN with the IRS and upgrade the account to a business and call it a day. Still ridiculously sketchy.

Personally I would ditch the account and start fresh, the right way, without someone else personal details.
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

I have no problem making this as legal and under the radar as humanly possible. So I understand if I add an LLC under my name, update and put the business name on the paypal and LLC the same I should be fine.....What if the IRS notices the name on both do not match? Or is that transparent from Paypal caring and the IRS seeing?


I see changing your EIN on a business account isn't a Add/REMOVE it is an UPDATE feature so the old one will automatically be removed.


Can anyone confirm that the 1099 is based on the last day of the year EIN.....rather than EIN from JAN-JULY gets one 1099 and EIN from AUG-DEC gets another 1099?

Thanks!
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

whatever number they have on file the last day of the year is what will be reported for the entire year.
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

OK....So I get a new EIN for an LLC under my SS in a business name then update that name in paypal then update the EIN in paypal?

Wouldn't make any sense waiting another day since if it was limited or banned and say I put through 30K I couldn't update either.


Yes?


Next question I see a thread here talking about having an business paypal and EIN number and the IRS telling paypal the names don't match.....is that still a problem....or as long as it is an LLC name and the business one in paypal are the same then it is transparent to the IRS?
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  #13  
Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

If you wait until January 1st, it is the NEXT tax year. The previous 1099K will go to the stolen SS number.


Do whatever you want. You are going to anyways. It really does not effect any of us here. My suggestion was to start legitimate and dump the stolen identity. But that is just me.
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by yankee View Post
If you wait until January 1st, it is the NEXT tax year. The previous 1099K will go to the stolen SS number.


Do whatever you want. You are going to anyways. It really does not effect any of us here. My suggestion was to start legitimate and dump the stolen identity. But that is just me.
I agree 100%. I won't wait until tomorrow to remove the one EIN and get a new one up there.

1) Get an new LLC under my SS# and my business name.

2) Update the paypal to have the new LLC EIN.

3) Update the business name in paypal to match the LLC name.


Quick and easy, I actually WANT a 1099 form...I am already paying quarterly tax estimates of $10K..... buying real estate they normally ask for it to show proof anyway and plan to buy more in 2018.
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
=Jingling2017;860000

Quick and easy, I actually WANT a 1099 form...I am already paying quarterly tax estimates of $10K..... buying real estate they normally ask for it to show proof anyway and plan to buy more in 2018.

What type of lender is accepting 1099k? Transaction or Private or conventional lending?

It has been years since banks cared what my 1099s said but I have not considered loans for a long while now.
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by yankee View Post
What type of lender is accepting 1099k? Transaction or Private or conventional lending?

It has been years since banks cared what my 1099s said but I have not considered loans for a long while now.
This is my first year not getting a 1099.

Commercial loan will most likely require it.


When I put the LLC name in paypal, include the LLC at the end or it doesnt matter that specific?
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by Jingling2017 View Post
This is my first year not getting a 1099.

Commercial loan will most likely require it.


When I put the LLC name in paypal, include the LLC at the end or it doesnt matter that specific?
I always use the Corp name. Stan's Realty Trust for example. Same goes for corps, LLC, LLP etc....on legal forms.

1099k is the gross amount of money collected. It means nothing to a lender hence they stopped accepting back in the crisis of 2007-2008. They require full tax returns or at least did.

Private money may look at the cashflow but it has very little meaning.
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by yankee View Post
I always use the Corp name. Stan's Realty Trust for example. Same goes for corps, LLC, LLP etc....on legal forms.

1099k is the gross amount of money collected. It means nothing to a lender hence they stopped accepting back in the crisis of 2007-2008. They require full tax returns or at least did.

Private money may look at the cashflow but it has very little meaning.
Yes, they want to see your schedule C and probably could care less about your 1099 most of the time, some lenders for commercial want to tie the sales to the income statement is my understanding so if I can tie it to the income statement and my schedule C I am sure there will be very few questions.
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Old 07-21-2017
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Thumbs up Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by topnotchsports View Post
When you add EIN to PayPal, the account is switched from personal to business account meaning all tax documents will be in the business name which is linked backed to you from registering for an EIN. The name on the ebay acct is irrelevant when it comes to taxes. All of that is handled through paypal. No one should've sold you an account with an EIN number already registered. It doesn't make sense for anyone, especially whoever the EIN is registered too. Just asking for problems, and the IRS isn't who you want problems with
i heard some people selling this king of business accounts but with an Exaggerated high price like 850$ but let's say yu already got one of these so then question is how you know it's with real documented and right EIN?? so you definitely right topnotchsports
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

Quote:
Originally Posted by yankee View Post
File an EIN with the IRS and upgrade the account to a business and call it a day. Still ridiculously sketchy.

Personally I would ditch the account and start fresh, the right way, without someone else personal details.
it could be exchange your paypal account on ebay with no problem?
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

you can easily register a new LLC on that stealth name they don't mind of the identity they doesn't even ask for any small proof! just first and last name
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Old 07-21-2017
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Default Re: Going over 20K on a stealth acct w/ stealth EIN

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.
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