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Old 10-15-2012
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Default EIN Paypal

Someone told me not to give Paypal my EIN with my friend's info and didn't explain why, but I don't know what else I could do because I do want to be responsible for the taxes and not him. Does anyone know what I could do when asked by Paypal?
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Old 10-16-2012
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Why do people keep asking this same stupid question.

"should I supply SSN/EIN from (insert name), but I'm the one who did all the sales".

That person who told you not to provide that person's EIN is the smartest person in the world. EIN numbers are like SSN #, that go to a company's tax info. If you provide your friends EIN # to ebay/paypal, they will be the person who gets to pay taxes for your behalf.

Go ahead and you will have one less friend in the world and maybe get charged with fraud, fines, jail time.....

Next person who asks the same question, I will post "pay for your own sh-it"
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Old 10-16-2012
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pay for your own sh-it
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Old 10-16-2012
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go rent some type of street address or even a PO box and register the EIN under that...
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Old 10-16-2012
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@DeanChev, if in doubt....go see a tax consultant.
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Old 10-16-2012
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Quote:
Originally Posted by yotano211 View Post
Why do people keep asking this same stupid question.

"should I supply SSN/EIN from (insert name), but I'm the one who did all the sales".

That person who told you not to provide that person's EIN is the smartest person in the world. EIN numbers are like SSN #, that go to a company's tax info. If you provide your friends EIN # to ebay/paypal, they will be the person who gets to pay taxes for your behalf.

Go ahead and you will have one less friend in the world and maybe get charged with fraud, fines, jail time.....

Next person who asks the same question, I will post "pay for your own sh-it"
I guess you didn't understand my question fully, I said if I supply MY EIN which is registered with all my real info. I know that if my friend had an EIN, I wouldn't use it unless I asked and he was good with it. Sorry for asking the question, but I couldn't find the answer in the forum.
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Old 10-17-2012
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Agreed EIN you still should have your own peronal information in form of another. If the street addy is different i wouldn't sweat it on paypal. But 100% should be your name because the 1099k will be filled under that Tax ID and directed to you. If you use your friends name then use the EIN you are absolutely asking for trouble. Friends, name b.s name. EIN you must use your own even with a B.S addy.
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Old 10-17-2012
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Quote:
Originally Posted by DeanChev View Post
Someone told me not to give Paypal my EIN with my friend's info and didn't explain why, but I don't know what else I could do because I do want to be responsible for the taxes and not him. Does anyone know what I could do when asked by Paypal?
The EIN info has to MATCH the name on the paypal.

So that when this runs thro' the system, it FAILS.

That was why I suggested it as a bad idea.

What you need to do is not make an account using a friend's info AND your tax info.

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Old 10-17-2012
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So, is the correct work around to create a DBA in your stealth sellers name then apply for an EIN or create a DBA in your eBay ID and apply for the EIN then switch your PayPal to the business version?
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Old 10-17-2012
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Quote:
Originally Posted by GreenBean™ View Post
The EIN info has to MATCH the name on the paypal.

So that when this runs thro' the system, it FAILS.

That was why I suggested it as a bad idea.

What you need to do is not make an account using a friend's info AND your tax info.

I completely understand, but wouldn't I be safe if I didn't go over the 200 transactions and 20k limit? Then they wouldn't send a 1099k and I could file the income under my name. I would just create a new stealth paypal when I get close to the limit and use a different EIN, and not go over the limit. Sound good?
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