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  #1  
Old 01-20-2019
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Default 1099k

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?
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Old 01-20-2019
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Default Re: 1099k

There are two separate opinions on this, my accountant says yes, but others on here say no problem.
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Old 01-20-2019
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Default Re: 1099k

Yes I'm not sure why PayPal didnt just generate it in the name of the busines...
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Old 01-20-2019
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Default Re: 1099k

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Originally Posted by TheRealist View Post
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?
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Old 01-20-2019
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Default Re: 1099k

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.
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Old 01-20-2019
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Default Re: 1099k

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.

Last edited by nodeal; 01-20-2019 at 03:07 PM.
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Default Re: 1099k

Quote:
Originally Posted by phaz0rz View Post
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.
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Default Re: 1099k

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..
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