Not wanting to encourage identity theft, but SSN seems to be entirely different to EIN. In an SSN lookup, pp/ebay can only see your approximate location and where and when the card was issued. In EIN, however, the IRS can tell them your business name. Am I wrong?
Yes they will eventually ask you to update if the information doesn't match. However you can get away with it for a couple of months once you update.
I have an account with this issue at the moment. I updated online as they requested, purposely misspelling some info and changed it around and after approx 65 days they cane back and asked me to update as something doesn't match. Now I'm gonna ride it and see how it looks after the first.
The issue is that this is the first year that they are enforcing this so many of us do not know the workaround or the answers yet. When the time comes we will know more. However I suspect it will still be hard to get the info from sellers as it will be a kept secret.
so they key is to keep updating? my business name on paypal and my EIN will match? isnt that what counts?
what im saying is that paypal will look at the EIN business name...what about the addresses?
paypal isnt allowed to view the personal info from the EIN..but can only verify if it matches or not?
i have a bank account on my paypal with my real info, but paypal doesnt see it.
thats were my money goes.
Last edited by 2000chevyman; 12-25-2011 at 10:09 PM.
The EIN business and address must match exactly. So if you have a stealth address on your Paypal account that must be the same address you supply to the IRS for your EIN.
What I did was use the stealth address when applied for the EIN. Then put in a mail forwarding address with the post office. It worked just fine as when the IRS sent out the confirmation letter it ended up at my house but was addressed to my stealth address.
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oh ok.
so far i haven't gotten any conformation from anyone.
i dont plan on making 200 sales or $20,000 so hopefully i wont raise any irs flags.
i will do what you did...when paypal doesnt match the info on file.
ijust hope when the time comes paypal wont shut me down, but just ask me to edit the info.
The EIN business and address must match exactly. So if you have a stealth address on your Paypal account that must be the same address you supply to the IRS for your EIN.
What I did was use the stealth address when applied for the EIN. Then put in a mail forwarding address with the post office. It worked just fine as when the IRS sent out the confirmation letter it ended up at my house but was addressed to my stealth address.
I have the same situation on my accounts, how do you go about getting the USPS forwarding service?
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i think the usps fowarding can be done on their website.
for my situation..i dont plan on exceeding $20,000 in sales any time soon but i have sold about 160 items in a calender year.
this february will be 1 year i been on stealth ebay. by that time..the calender year should start over for me and maybe paypal wont poke around to much.
also...since paypal hasnt blocked me or sent any follow-ups since i gave them an EIN...im going to wait until paypal send me an email saying 'info doesnt match'
im going to create a new EIN with stealth info...im not looking toget in trouble with the irs...just gonna foward the stealth address to my real address.
my business info on the irs will be the stealth info..whereas the mail comes to my address..
i think the usps fowarding can be done on their website.
for my situation..i dont plan on exceeding $20,000 in sales any time soon but i have sold about 160 items in a calender year.
this february will be 1 year i been on stealth ebay. by that time..the calender year should start over for me and maybe paypal wont poke around to much.
In order to do it online they need a credit card to verify the address you are trying to forward from.
If you do the card you get at the post office you don't have to supply anything to them.
@cardfelon...its been 2 weeks since i gave paypal my ein. my business name matches but not the addresses...yet paypal accepted the information.
is this normal? if the info didnt match, wouldn't paypal have just told me from theday i gave the EIN?
I have provided my EIN 3 months ago without problem and address does not match. After $105,000 in sales they requested EIN 2 weeks ago because they could not verify it. I have two other accounts as well that I have supplied EIN but they have less then 30k in sales and they have NOT requested me to update EIN as of yet. I think very soon they will on all.
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I know in early 2012 I will be sent a 1099-K form to file my earnings with the IRS with another none PayPal related merchant account/payment processor I have. My question is really just wanting to know if using my SSN vs an EIN is going to benefit me with writing off alot of my business expenses? I've saved alot of my sales receipts from the supplies I've purchased in addition to any major purchases i see fit for the business i do. So what exactly would you guys recommend? I don't mind doing my part and paying taxes but i want to also be able to write alot of stuff off in order to pay less taxes. Has the new year 2012 closes in i sure want to be making the right choices before hand in order to avoid problems. I'm thinking If i can get the same results by simply using my SSN then great! If it's going to benefit me more to be able to write more expenses off then i need an EIN or would it not really matter? What is the best route to follow in order to benefit the most but also not avoid paying taxes but pay less in taxes?
@cardfelon...its been 2 weeks since i gave paypal my ein. my business name matches but not the addresses...yet paypal accepted the information.
is this normal? if the info didnt match, wouldn't paypal have just told me from theday i gave the EIN?
I don't use Paypal with my Ebay accounts so I can't say for certain what the answer is. But I would think that if they had a issue with the information you provided then they would have contacted you.
All of my EIN experience comes from Amazon and other sites.
i think my mistake giving an EIN with my real info.it wont match my paypal info.
im in the process of creating a new EIN with stealth info and have the irs stuff fowarded to me.
question....
when paypal tries to match the EIN...what then? will they ask me simply to edit the info?or will i have to send them proof of identity?
What happened to me is when I log in everytime first thing that comes up is to update my tax info. You click update and it takes you to a new page where you can input the new EIN.
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i think my mistake giving an EIN with my real info.it wont match my paypal info.
im in the process of creating a new EIN with stealth info and have the irs stuff fowarded to me.
question....
when paypal tries to match the EIN...what then? will they ask me simply to edit the info?or will i have to send them proof of identity?
When you say create a EIN with stealth info I assume you are talking about just the address? You don't want to give the IRS a ⊗⊗⊗⊗ name or anything. That part would be illegal.
you could try to save this one but I'm not sure it will work. As you do that, I'd also set up another ghost w/ EIN so you can be more prepared this time.
