Make sure your Tax ID info matches 100% to the "T"

[2000chevyman]

i just created a new EIN,should i change it on paypal?

[arwoodco]

So, if I understand correctly:

1. Lets say you had an old paypal account with your ss# attached and it got limited (probably many people here).

2. Then you made a stealth account, got the limits removed using a vcc or cc of some sort and you do a lot of business.

3. Next you get the email asking you to supply an SSN or an EIN.

4. Now OBVIOUSLY you can't use your SSN, so you create a business, get an EIN online. You get a certain name and put in a certain address.

5. You then upgrade your Paypal to a business account, throw in the EIN, match the biz name and address.

MY QUESTION: So you upgrade your Paypal to this certain business name and certain address.

If I understand correctly, that means you are in the green? No more issues, assuming they don't get greedy and want the SSN as well.

[BigCJ]

Originally Posted by arwoodco

So, if I understand correctly:

1. Lets say you had an old paypal account with your ss# attached and it got limited (probably many people here).

2. Then you made a stealth account, got the limits removed using a vcc or cc of some sort and you do a lot of business.

3. Next you get the email asking you to supply an SSN or an EIN.

4. Now OBVIOUSLY you can't use your SSN, so you create a business, get an EIN online. You get a certain name and put in a certain address.

5. You then upgrade your Paypal to a business account, throw in the EIN, match the biz name and address.

MY QUESTION: So you upgrade your Paypal to this certain business name and certain address.

If I understand correctly, that means you are in the green? No more issues, assuming they don't get greedy and want the SSN as well.

You're never in the 'clear' with paypal.
They could still ask for SSN even WITH the EIN number.

[kenshintr]

Dang I didn't know your ein address have to match :( might have to reapply with the correct address on files with pp and amazon. The address is UPS store address so I don't need to forward anything but still.

[BigCJ]

Originally Posted by kenshintr

Dang I didn't know your ein address have to match :( might have to reapply with the correct address on files with pp and amazon. The address is UPS store address so I don't need to forward anything but still.

Oyyy....you dont mess with the IRS.....
They need REAL info... this is illegal and could cause major problems with ⊗⊗⊗⊗ info.

Please understand: Paypal is NOT a legal agency (as far as in ⊗⊗⊗⊗ info is no problem)
⊗⊗⊗⊗ paypal = FINE
⊗⊗⊗⊗ EIN = IRS Coming to knock down your door for falsifying tax info!

Paypal just sends the information on your earnings to the IRS. Whatever ⊗⊗⊗⊗ info you have on file could be fine as many businesses have multiple addresses.

[kenshintr]

Originally Posted by cjmixers

Oyyy....you dont mess with the IRS.....
They need REAL info... this is illegal and could cause major problems with ⊗⊗⊗⊗ info.

Please understand: Paypal is NOT a legal agency (as far as in ⊗⊗⊗⊗ info is no problem)
⊗⊗⊗⊗ paypal = FINE
⊗⊗⊗⊗ EIN = IRS Coming to knock down your door for falsifying tax info!

Paypal just sends the information on your earnings to the IRS. Whatever ⊗⊗⊗⊗ info you have on file could be fine as many businesses have multiple addresses.

Thanks for the warning, the new address I use to match with pp is a legit address, it my UPS store address so it's not like I made up some random address.

[lightmaria]

My understanding is that paypal cannot see the address that you give the IRS so if you give the IRS your person address or a banned address that you've used on paypal before; paypal will not be able to see that.

And like cjmixers said "Paypal just sends the information on your earnings to the IRS. Whatever ⊗⊗⊗⊗ info you have on file could be fine as many businesses have multiple addresses." basically just sums up my understanding on this matter?

[Futuremogul888]

A legitimate business has an office or mailbox that receives all IRS TAX Notices, merchant account statements, bills etc. so the plan for creating an corporation & EIN for a stealth paypal account should be:

1) Get a UPS box or other mail dropoff franchise box. Not a PO BOX because your address is obviously a PO BOX whereas UPS and other mail franchises make the address of your box look like an actual street address

Aspkin Enterprises
P.O. BOX 321
Aspkinville, USA 12345

VS

Aspkin Enterprises
123 Main St STE 123
Aspkinville, USA 12345


2) Activate a prepaid phone as the coporation's number.

3) Use that info to incorporate (I recommend an LLC) and obtain an EIN. For all intents and purposes this is your coporate offices and coporate number.


4) Put all this info into an account that you just turned into a business paypal account or use it to start a stealth business account from scratch. Also I would advise changing the ebay account to a business account and supplying this info.

5) You have now met the EIN/SS requirement because you now have a fully matching and verifiable business responsible for the taxes.

To meet the EIN requirement: The Business name and address have to match with what the IRS has on file to a T (not the persons name on the paypal account because he is just some scrub you pay $8 an hour to work in your corporate office)

[Mr2005]

Are these stealth accounts you are getting an ein # for?

[Mr2005]

Has eBay or PP ever gn to the point of looking up the states llc filing and seeing your name on the business which could be tied to a banned acct?

[dmb8183]

To elaborate on this, I have recently received the EIN requirement e-mail from Paypal. In my state (Connecticut), I was not asked for a business name. As I dont want to mess with the IRS, I did not put any XXXX info when applying. Still, I am going to enter my EIN into my stealth Paypal account. From my understanding, they cannot match the name, as many employees can work under one business. Also, many businesses operate in multiple addresses. Therefore, I don't see how it is conceivable for Paypal to limit you or suspend your account, regardless of the information entered. If anyone has experience with this, please let me know. Otherwise, I don't mind being the guinea pig for everyone, as I have a bunch of other stealth accounts that I run, and losing the $130 for the EIN isn't that big of a deal to me. If anyone has any input, please let me know! My Paypal hasn't been suspended yet, so I have a little time before I am forced to enter the EIN to keep the account open. Also, what are your guys' thoughts on just losing the Paypal account, and attaching a new stealth Paypal account to the Ebay account? Interested on any input, thanks!

[wigan88]

Hi everyone. Today when I logged into my Stealth Paypal Account received the notice regarding updating my Account with an SSN or EIN. I had no idea about this, and thankfully this topic is being covered here on the Forums. Now, I haven't reached $20,000, and my current Sales count is at 151. I currently have a couple of listings going on Ebay, which if it all sells will bring my Sales count up to 162. Would it be a good idea to sell up too say 190, and then just shut down the Selling on that Account until the end of 2012, and then start once again in January of 2013? Or, does the actual Calender year for Paypal start when your Paypal Account was created, which for me was April 18th, 2012? Any information & input is welcome.

Thanks,
Wigan

[QuickFlip]

Originally Posted by wigan88

Hi everyone. Today when I logged into my Stealth Paypal Account received the notice regarding updating my Account with an SSN or EIN. I had no idea about this, and thankfully this topic is being covered here on the Forums. Now, I haven't reached $20,000, and my current Sales count is at 151. I currently have a couple of listings going on Ebay, which if it all sells will bring my Sales count up to 162. Would it be a good idea to sell up too say 190, and then just shut down the Selling on that Account until the end of 2012, and then start once again in January of 2013? Or, does the actual Calender year for Paypal start when your Paypal Account was created, which for me was April 18th, 2012? Any information & input is welcome.

Thanks,
Wigan

I was wondering the same thing, im getting close to 200 transactions, not even near 20k, but could I dump the stealth account before it hits 200, I would of course still pay taxes on money earned but not have to deal with submitting ssn/ein?

Thanks

[jackson2234]

Originally Posted by 2000chevyman

when does paypal actually compare the info? when its time to file taxes?

I'm curious to know this also.

Does paypal not mess with the EIN for any tax reason if the paypal acct does not go over 20K in a calendar year.

It says if i want to use an EIN i need to Upgrade to a Business account.

Is Upgrading to a paypal Business account a good idea?

[jackson2234]

If i have a long standing ebay/paypal acct of 10 years 900 positive feedback at 100%. Should i upgrade to a paypal Business account so i can give an EIN instead of a SSN so i can receive money thru paypal again due to Internal Revenue Code (IRC) Section 6050W.

https://cms.paypal.com/us/cgi-bin/ma...ng_us/IRS6050W

I wan't to make a stealth acct but i also want to keep my old ebay acct i have had for the last 10 years. I sold 200 items at $5,000 already to start 2013 on my main acct before i learned about eBay Stealth. So now paypal want's my SSN or EIN for my main acct.

I bought the Stealth Book but still need some advise about EIN vs SSN on my original acct before i start making any stealth acct's.