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I opened a IRS TAX ID and now I want to close
 

Hey guys! Last year I was still in good eBay standing and read all about the new IRS report by paypal. So I decided to open a business name and tax ID with the IRS in january but but my paypal account was banned and limited in end of JUNE 2011. I did not hit the requirement (20K&200sales) so my question is, should I still report or just close down my TAX ID with the IRS? If I should cancel, how do I go about doing it? Would appreciate your feedback guys ! thanks!

I am in UK and would like to know similar - how to cancel.

However lasvega baby.... I think we will get told this is not a tax forum - which is true :)

So me thinks a few hours research on google should do it - good luck with it.

Just because you didnt hit the paypal requirements doesnt get you off the hook for paying taxes. You have to pay them if you made $20. You have a business ID and you made money so pay them as you should have been all along. I dont see any issue or problem other than you wanting to avoid the tax man. :suspicious:

Hmmmm.. i'm wondering because I still have about 20-25k worth of inventory in hand and I don't really profit until I sell everything.

Then if you are doing that sort of wondering PLUS the fact we are not tax experts, you go see a tax accountant.
Get professional help to keep everything kosher with the IRS, thanks.

How to Contact the IRS

Recommend you look at above URL to get the best safest information :peace:


That's the thread's finish.