Added EIN to my PP Account - Where 1099 be sent?

[stealthnorris]

I have a paypal and I added an LLC / EIN to it.

Where would the 1099 be sent to for that year? Will it go to the SSN account owners information or would it be billed to the LLC's EIN?

[rsot]

Just to clarify - you use own SSN on it previously?

[stealthnorris]

Originally Posted by rsot

Just to clarify - you use own SSN on it previously?

Bought the PP. account from a merchant so tbh I’m not sure who’s it is.

Why I want to take pre caution and of course not let the 1099 go to this person.

If the 1099 would get sent to the SSN and not my LLC/EIN then I would ditch the PP account.

[yankee]

Ein..........

[Gotya108]

If the LLC is a single member LLC that has not elected s-corp status then the SSN will be listed on the 1099-K.

[agent006140]

when you buy a Paypal account from a seller,you MUST ask whose SSN is attached?
IRS can seize your Paypal fund if the SSN owner owes tax money.
BTW,since you now own that Paypal account,can you see the SSN ?

[SaiJin]

Originally Posted by stealthnorris

I have a paypal and I added an LLC / EIN to it.

Where would the 1099 be sent to for that year? Will it go to the SSN account owners information or would it be billed to the LLC's EIN?

It'll go to the EIN.

[Gotya108]

Originally Posted by SaiJin

It'll go to the EIN.

This year it will only go to the EIN if the LLC is not a single member LLC. If its a single member LLC its going to the SSN. Disregarded entities are not supposed to use their EIN on a W9 unless they are owned by a S-corp or C-corp or have elected s-corp status. This year marketplaces/processors who try to submit a 1099-K with an EIN as opposed to an SSN are going to see those submissions fail and be subject to fines.

[Parkzo]

Originally Posted by Gotya108

This year it will only go to the EIN if the LLC is not a single member LLC. If its a single member LLC its going to the SSN. Disregarded entities are not supposed to use their EIN on a W9 unless they are owned by a S-corp or C-corp or have elected s-corp status. This year marketplaces/processors who try to submit a 1099-K with an EIN as opposed to an SSN are going to see those submissions fail and be subject to fines.

Is this something new for 2022 onwards? Do you have a link to where you have heard this?

For 2021, the 1099-K's for my US eBay stores all went to the EIN's. All single member LLC's.