eBay Suspended & PayPal Limited Forums - 1099-K Merchant Card and 3rd party payments

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harryhermit

03-29-2010 09:50 AM

1099-K Merchant Card and 3rd party payments

The IRS plans to release this new 1099-K tax form to report online earnings through 3rd party payment processors. Does anybody know about this? I was planning to take over my buddy's paypal and ebay account, but if Paypal has to report the income made, he's going to be held liable. This might throw a wrench into my plans or any one planning to earn more than 20k through a stealth or borrowed paypal account. Any thoughts?

First Edition

03-29-2010 10:04 AM

hmmmm..... I'm not a cpa, BUT.... If you register the paypal account as a business, this new 1099 should come in the business' name, and not at all in the individual. You can either create an LLC, with it's own tax payer ID number EIN, and everything will be totally separate as far as books go.

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