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Old 12-17-2012
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Default How to file for tax 1099 if using paypal w/stealth?

I reached the 20k and PayPal is asking me to give them my Social or tax I'd number. I do not mind doing so but I created a stealth account with a made up name(didn't really know about the irs thing till recently). I do file my taxes every year ad a sole propriorter so I was wondering if I just add the sales I got in that account to my taxes for 2013 will that be okay as well? As I am still paying the tax on the sales from my PayPal? Please let me know what I need to do. Thank you.
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We don't give tax advice on this forum.

I'm curious as to when PP sent you that notice? Was it at 10k, 15k?

Are you Limited yet?
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I would say like 2 month ago? And it says I'm limited but I can still do everything... In your opinion do you think I'm ok? Since I will still report it when I file? Ty
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20k I think
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If this is a Stealth account with a different name then there is nothing you can do.

If you have any funds left then you will be able to withdraw them in a 180 days.
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But if there asking for irs info don't I have to report it? And what happens if I leave it alone and don't submit the irs info which. I don't want to happen.. What are my options, is it possible to ask paypal to change the name to my legal name?
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Old 12-17-2012
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you only need to pay for whats under ur name, meaning what ever you withdraw..
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Old 12-17-2012
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this is why it is important to talk to an accountant (preferably a CPA) BEFORE you start so they can set you up properly. i am sure one can fix the problem for you but this forum won't be able to help that matter
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Originally Posted by Gman91189 View Post
you only need to pay for whats under ur name, meaning what ever you withdraw..
What do you mean what's under my name? So whatever I withdrew to my bank is how much you have to submit to the irs? But what do I do in regards to paypal asking for my tax I'd or social thanks.
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Originally Posted by awesome1231 View Post
What do you mean what's under my name? So whatever I withdrew to my bank is how much you have to submit to the irs? But what do I do in regards to paypal asking for my tax I'd or social thanks.
According to US Tax Law all citizens of the US MUST report all Global Income regardless if anyone reports it or issues you a 1099.

If you are wealthy and you Expatriate you still owe the IRS all taxes for the next 10 years even if you move to the Cayman Islands.

The IRS is 10,000x more powerful than the Mafia.

They do NOT need any court orders to confiscate assets, put you in jail, etc... they are an entity all to themselves.

If you don't pay taxes and the IRS comes after you they will lien everything you own. House, Boat, Cars, Motorcycles, Snow Mobiles, IRA's, 401k, Bank account, cash value life insurance, etc...

The IRS agents work on Commission, yes Commission. The more they extract from you the bigger their Bonus.

Guess who ALWAYS wins.
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So if I don't give paypal my social or tax I'd but I still report all my sales that I have done on paypal when I file my taxes I should be ok? Since I'm still paying the tax
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Quote:
Originally Posted by awesome1231 View Post
So if I don't give paypal my social or tax I'd but I still report all my sales that I have done on paypal when I file my taxes I should be ok? Since I'm still paying the tax
There is a place on the 1040 to report misc income, but if you want to deduct all your business expenses, you will have to file a schedule "C". Not sure how you would do that with a stealth account though. I guess you could file, and submit all the business data, and if you get audited, you may be able to explain why you had a ⊗⊗⊗⊗ business entity. As long as you declare all your income, and submit legitimate expenses, you will be off the hook. The IRS does not care how you get your income, they just want their cut. I've done this in the past in various forms and never had a problem. As long as your income matches what you declared, you will be fine, unless your doing something illegal and the IRS gets wind of it, they can pass the information on to other government enforcement agencies. Mazel tov!
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Quote:
Originally Posted by cherrqell View Post
There is a place on the 1040 to report misc income, but if you want to deduct all your business expenses, you will have to file a schedule "C". Not sure how you would do that with a stealth account though. I guess you could file, and submit all the business data, and if you get audited, you may be able to explain why you had a ⊗⊗⊗⊗ business entity. As long as you declare all your income, and submit legitimate expenses, you will be off the hook.

The IRS does not care how you get your income, they just want their cut. I've done this in the past in various forms and never had a problem.

As long as your income matches what you declared, you will be fine, unless your doing something illegal and the IRS gets wind of it, they can pass the information on to other government enforcement agencies. Mazel tov!
Even Drug Dealers and the Mafia are required to report income, even if they rob a bank. That's how they finally got Al Capone. Didn't pay taxes on his Illegal gains and went to jail. He was not charged with any criminal activity. He died in jail from an STD.
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Quote:
Originally Posted by cherrqell View Post
There is a place on the 1040 to report misc income, but if you want to deduct all your business expenses, you will have to file a schedule "C". Not sure how you would do that with a stealth account though. I guess you could file, and submit all the business data, and if you get audited, you may be able to explain why you had a ⊗⊗⊗⊗ business entity. As long as you declare all your income, and submit legitimate expenses, you will be off the hook. The IRS does not care how you get your income, they just want their cut. I've done this in the past in various forms and never had a problem. As long as your income matches what you declared, you will be fine, unless your doing something illegal and the IRS gets wind of it, they can pass the information on to other government enforcement agencies. Mazel tov!
Thanks for the information. So you used a stealth account before and when paypal asked for tax info that's what you did? And it worked okay as long as you report everything?
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Old 12-18-2012
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Im not an accountant..but I would guess even though the info is stealth, it shouldnt matter because paypal is reporting it to the irs via your SS or EIN. Go pay 50$ for a quick consulting with hr block or a tax pro. then tell us what you find out
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Quote:
Originally Posted by Roscoe View Post
Even Drug Dealers and the Mafia are required to report income, even if they rob a bank. That's how they finally got Al Capone. Didn't pay taxes on his Illegal gains and went to jail. He was not charged with any criminal activity. He died in jail from an STD.
It is true that Al Capone was not caught until an IRS agent found that he did not file any income. But he did go to jail for a type of criminal activity called tax evasion. Also he did not die in jail or from an STD. He died from Cardiac arrest from a stroke.
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Quote:
Originally Posted by Futuremogul888 View Post
It is true that Al Capone was not caught until an IRS agent found that he did not file any income. But he did go to jail for a type of criminal activity called tax evasion. Also he did not die in jail or from an STD. He died from Cardiac arrest from a stroke.
The STD caused his stroke:

Neurosyphilis - Wikipedia, the free encyclopedia

Al Capone - Wikipedia, the free encyclopedia

He was actually paroled from prison 10 years prior to his death. It's been reported that prostitutes frequented him in prison.
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Quote:
Originally Posted by awesome1231 View Post
Thanks for the information. So you used a stealth account before and when paypal asked for tax info that's what you did? And it worked okay as long as you report everything?

You need to take professional advice.

You could consider using an EIN to sort paypal.

Forum can not advise further.
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