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

[2000chevyman]

paypal sent me an email to give then EIN or SSN
i gave em EIN,that i just created with IRS with my real info.

i know paypal can match the info so i created a new EIN with my stealth info.
not scamming irs, i just created new business address to match my paypal info.

should i change it or wait until paypal notifies me that there is'no match'??

[SadSuspended]

I know this message is old but Im wondering if there any updates on this thread. Im reading post about EIN because one of my stealth is going to need one soon.

[yankee]

What is your question Sad?

[SadSuspended]

When applying for an EIN do i put my real name?

[yankee]

Originally Posted by SadSuspended

When applying for an EIN do i put my real name?

ABSOLUTELY!

LLC or Corp
new address, new tellephone, new IP, etc....

Real NAME, SS etc.. for the IRS.

Your LLC/Corp will be on the NEW address, number, etc...

[dugunz]

Originally Posted by yankee

ABSOLUTELY!

LLC or Corp
new address, new tellephone, new IP, etc....

Real NAME, SS etc.. for the IRS.

Your LLC/Corp will be on the NEW address, number, etc...

I'm not sure I understand this answer. Can you re-word it or explain further? I'm also experiencing the same issue

[yankee]

Originally Posted by dugunz

I'm not sure I understand this answer. Can you re-word it or explain further? I'm also experiencing the same issue

What exactly is your question?

[vogeltron]

You must create a EIN with your real info. If not you are essentially committing suicide with the IRS. I can't remember when I created mine but they asked for my SSN for sure.

Anyway way you slice it. If you add an EIN to a stealth account the is a sole proprietorship, you will get a 1099k if you go over the thresholds with the Name on the PayPal account (could be stealth for all I know) not the business name. That could be problematic when filing taxes if you have a phake name on your tax document filed with the IRS.

I like most other members have no met anyone who had a LLC or some other form of corporation and got the 1099k from PayPal. So we are yet to know if it has the company name or the individuals name on those forms.

[SadSuspended]

Since my ein is my real info if I give it to Paypal will they link me with my name?

[yankee]

Originally Posted by SadSuspended

Since my ein is my real info if I give it to Paypal will they link me with my name?

An EIN has no option but to be real info.
What are you not understanding. IT MUST BE REAL INFO There is no other legal option.

You then give paypal Your New Business name. address, EIN number.

Then paypal asks the IRS if it is a match. The IRS will either say Yes or No.

[GreenBean]

Originally Posted by SadSuspended

Since my ein is my real info if I give it to Paypal will they link me with my name?

Of course they will.

Speak to a tax professional about the methods to create EIN.

What you appear to be missing is you make a BUSINESS NAME with that EIN.

The business name is used....


Dont put your paypal at risk.

[SadSuspended]

So on my stealth account named John Smith I will attach an EIn with my co named ABC Enterprises, will this work 100%and not get kicked by paypal?

[yankee]

First off, ONLY do this when they demand the EIN. Then and only then.

Second, when that happens, upgrade to business and enter your business info.

Done deal.

[shani1212]

Originally Posted by SadSuspended

So on my stealth account named John Smith I will attach an EIn with my co named ABC Enterprises, will this work 100%and not get kicked by paypal?

As far as I know, your info MUST MATCH with IRS. Meaning real info. when applying for EIN. Just put your business name as "doing business as" DBA, instance, "ABC" on the PP with EIN. Remember, PP can only see your bank account number, not name. With EIN, PP will see your business name and EIN.

When you get 1099 from PP, file your tax with DBA name ( business name) and you should be fine with it. Remember you make money, don't forget to pay your uncle Sam, IRS....lol

[SadSuspended]

Thank you all. This is more clear.

[ftf101]

Shani1212 i dont believe your statement is correct. When filing for a ein you need yo put your legal name. This w9 paypal is asking for is asking for is requiring you to put your real name or your legal business name which is your legal name if your a sole prior. A dba is not a legal business name. This is a big problem. My statement is directly from the irs whom i spoke with today because i am having the same problem

[GreenBean]

Originally Posted by ftf101

Shani1212 i dont believe your statement is correct. When filing for a ein you need yo put your legal name. This w9 paypal is asking for is asking for is requiring you to put your real name or your legal business name which is your legal name if your a sole prior. A dba is not a legal business name. This is a big problem. My statement is directly from the irs whom i spoke with today because i am having the same problem

If you are having a problem, why are you not talking to a tax professional?

They guide you as to what method to use....

[ftf101]

As stated i talked to the irs and and my accountant whom both told me the legal business name is your real name which is the big problem with this whole ein problem. They both told me that you can not change a legal business name on an ein

[GreenBean]

Originally Posted by ftf101

As stated i talked to the irs and and my accountant whom both told me the legal business name is your real name which is the big problem with this whole ein problem. They both told me that you can not change a legal business name on an ein

Not listening are you?

Your real name is behind WHATEVER business name you use.

That business name ideally will match your payal.

I never suggested changing a single thing.

All I ever say is make the account correctly, in the first place, to satisfy IRS and paypal...