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Old 08-21-2011
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Default 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!
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Old 08-22-2011
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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.
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Old 08-22-2011
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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.
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Old 08-22-2011
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Quote:
Originally Posted by KingRay View Post
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.
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.
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Old 08-22-2011
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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.

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