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Old 09-20-2011
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Default TaxID and SSN

desperately need some help! My ebay account was banned indefinitely years ago. My SSN was linked to that account. Then I created one Stealth eBay Account and one paypal stealth account to continue. So far so good. Now I received emails from paypal to provide tax id. What should I do? If I provide my SSN, will paypal find out it was me and ban my stealth account? Please help!!!
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Old 09-20-2011
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You can get a EIN using your real info and provide that to paypal. IRS will not provide them with info you provided. You will have to pay taxes on that income.
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Old 09-20-2011
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thanks a lot for the reply! Really appreciate it! But I have some more follow-up questions:

1. if I register a business to get a EIN, what name should I use? My stealth account's name is not my real name...Will paypal check EIN and the name under whom it is registered?

2. Once I use EIN, paypal is asking me to upgrade to a business account. There are lots of business types for me to choose from. Which one should I use?

3. If I register a DBA form and use a fictitious name and get an EIN, can I update paypal to include that name?

Sorry for so many questions. But I think it will definitely help others who have same problems as me...
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irs.gov Keyword: EIN

This will work as a replacement for a SSN#. Make sure you may your taxes.
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Old 09-20-2011
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1. If you register the business and get an EIN they will want a business name. That is the name that you will be doing business under. that is up to you and you only. It will be a name that will be used on all your banking needs, rental agreements, mortgages, legal paperwork, business cards, etc. Its not easy to change so pick something you will use and use for a long time.

At this time paypal only checks the business name and start date of the business. I can assure you that will change if it hasnt already depending on what you sell, etc. As soon as it gets abuses which I feel it is now, they will surely request more info from you.

2. The type of business you need is something you need to discuss with a small business Attorney AND a tax professional to get together a business plan. (NOT HR block type businesses) Many colleges have small business start-up help programs. They are cheap and free in some cases. If you dont do that then you probably are not serious enough to be a real business, you have to decide from several different business options because one may have much better benefits compare to the next type. Choosing the wrong business type (DBA, sole Prop, Corp, LLC,etc) can do much more damage than you want to deal with.

3. You just need to talk to a professional to get this stuff straight. Sounds like you just want a fast fix. If so then just open more stealth accounts and spread your sales. You are wanting someone to make VERY serious business decisions for you and that is waaaaaaaay wrong..


I know all that sounds complicated but being a legit business is. Do it wrong and you will be bankrupt shortly.. seen it many times.
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Old 09-21-2011
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Thanks a lot! Kingray! Your comments and suggestions are greatly appreciated!!! You are right, I just want a quick fix...Actually my business is neither >20k nor >200 transaction per year. Stealth account is perfect for me. I just don't know if there is any consequence not to provide Tax id...
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Old 09-21-2011
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Quote:
Originally Posted by renzini View Post
Hi
I received this message on my Stealth PP account this morning.
I don't know what to do?
I'm close to the $20000 around $17000 and PP sent me this.
Please provide us with your tax ID number. Your tax ID number lets us send you Form 1099-K, as required by the IRS under certain conditions. Find more information about the new tax rules and why we need your tax ID at www.paypal.com/irs.

Can I open a business on to my name(legal), upgrade my Stealth paypal to a business Account, provide the new legal business EIN to them and still selling on my Stealth eBay Account without any pay pal or eBay restrictions?

This are two eBay power sellers accounts that I don't want to loose.

Please help

Thank you
If you register for an EIN on IRS.GOV you will provide them your SS#, Name, Adress, and Online Business Name. PayPal WILL NOT see any of that info, in case you were worried about linking old accounts. They just want an EIN for tax purposes.
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Old 09-23-2011
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BIG consequences.

Pick which of these that would be more painful:

having your paypal account permanently limited for not supplying a request for compliance with IRS
OR

vacation in a federal holiday camp for avoiding taxes.

Me, I'm going for the 2nd option.
Your thoughts on stealth can be kept to yourself if they mean avoiding taxes
earn money Pay taxes. Simples.
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