Forum

Paypal New Cause & Effects
 

First off, this isn’t a post asking how not pay taxes. All my taxes are paid every year with the help of my accountant. My question is about how the environment has changed.

All my ebay accounts are in good standings, zero issues. I’ve noticed that after 3-4 months of selling, paypal is now asking for tax id number.

So my question is, am I to assume that it’s just a cost of doing business, and since I only have 1 ss# all those good accounts become toast & I move on?

I have a lot of accounts with 100+ feedback that are now asking, any solutions? I probably answered my own question, but I wanted to hear from other members. So if I want to have multiple accounts, I have to start asking relatives? Will Canadian accounts work here in the states?

Can someone shed some light for me?

To quote GrannyT, start thinking

OUTSIDE THE BOX :)

Firstly, never assume. Always backfires LOL.

Here are the NOs:

not a good idea to have Canadian accounts ( bank, address ,IP factors)

even worse to think of family. ( family/friends & business do not mix)

Here is the CLUE........

you say you have an accountant to do your taxes?

What if any talks have you had with him as to making yourself ( & your stealth accounts) into a IRS conforming taxable entity?

None, I hear you say....

Start thinking of getting EINs to attach to your accounts.

Suggestions:
google EIN for your state.
Speak to your tax man.

Use SEARCH here.... look for posts by KingRay & jeffweico.
This should be enough to point you in the right direction
:violin:

EIN is the way of life

I somewhat understand the EIN concept, but my confusion is this..

If "stealth" accounts have B.S. info, I can apply for a EIN under that info? Isn't that just as bad as trying to use a ss# of somebody. How does it work?

Just trying to find correct path so I may continue for years to come. I want to do things right, and try and save some of these accounts I have.

Any help and walkthrough would be appreciated.