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  #1  
Old 10-24-2013
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Default EIN verification on PayPal

So I have an ebay and PayPal stealth account that I purchased.

Things have been going great.

However, I got the notfication from PayPal that I need to add an SSN or EIN because of my high sales.

It's not possible for me to open up multiple stealth accounts and spread the sales over different accounts. I need to have one stealth account "in good standing" and plan on paying taxes, etc.

My question - my stealth account is opened in one ⊗⊗⊗⊗ name and ⊗⊗⊗⊗ business. I've already sent invoices to paypal and they verified that and are okay with that.

However, I have an LLC setup (and an EIN) setup in another business name.

My question is, what checks does paypal take on the EIN? Will they verify that against the business name that I have on my paypal account? or the address or what? Basically what I am asking is, if I give them my EIN, what info can they see on that EIN? Do they just verify to see if it's a valid EIN, or do they check the name of the LLC on the EIN and match it to the stealth account as well? And the address too?

Please help - I've searched the forums with no good answers.
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Old 10-24-2013
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Default Re: EIN verification on PayPal

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Originally Posted by eiilers View Post
Please help - I've searched the forums with no good answers.
Really? I dont know a ton about EIN but I do know many good posts by member such as jeffweico, Kingray and others that discuss the EIN ad nauseum....

http://www.aspkin.com/forums/paypal-...view-info.html

http://www.aspkin.com/forums/paypal-...t-limited.html

http://www.aspkin.com/forums/paypal-...y-ssn-ein.html

http://www.aspkin.com/forums/paypal-...hes-100-t.html

Last edited by rsot; 10-24-2013 at 10:11 AM.
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Old 10-24-2013
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Default Re: EIN verification on PayPal

Everything I am finding pertains to the limits itself, but now exactly how PayPal uses the EIN, and how to do it the right way.
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Old 10-24-2013
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Default Re: EIN verification on PayPal

Your business name when creating the EIN needs to match papal BUSINESS name
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Default Re: EIN verification on PayPal

If my business name includes LLC at the end, does the paypal stealth also have to have the LLC at the end?

Also, does the address have to match as well?

If it doesn't match, can I fix this, and resubmit?
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Old 10-25-2013
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Default Re: EIN verification on PayPal

From what I understand. If you Biz name on PayPal matches the one you registered when you do the EIN you should be able to add it. The dilemma nobody seems to talk about is when you get your 1099k assuming you go over threshold that is filed with the IRS. It will be filed having your **** name and the registered address on the form rather than your business name.

Maybe it is cool maybe it isn't. Honestly I have never asked an accountant about it. I would advise you do before you proceed.
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Old 10-25-2013
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Default Re: EIN verification on PayPal

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Originally Posted by vogeltron View Post
From what I understand. If you Biz name on PayPal matches the one you registered when you do the EIN you should be able to add it. The dilemma nobody seems to talk about is when you get your 1099k assuming you go over threshold that is filed with the IRS. It will be filed having your **** name and the registered address on the form rather than your business name.

Maybe it is cool maybe it isn't. Honestly I have never asked an accountant about it. I would advise you do before you proceed.
Not a problem.

As long as they collect from you, they are happy.
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Old 10-26-2013
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Default Re: EIN verification on PayPal

Yea the name on the business paypal is just a contact name for the business. But the EIN is either the owner or president or whatever u put down when creating the account, so your sales are reported along with the EIN to the IRS and the owner of the EIN is responsible
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Old 10-26-2013
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Default Re: EIN verification on PayPal

Quote:
Originally Posted by eiilers View Post
Everything I am finding pertains to the limits itself, but now exactly how PayPal uses the EIN, and how to do it the right way.
You take professional tax to make sure you comply with the requirements of creating the EIN. Never been the forum's place to say otherwise.

paypal look at your supplied tax info and ask the IRS does XXY match records. Response is yes or no.

Meaning: XXY must be the same info on your tax as on your paypal.

You make sure to use nothing to link you.....
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Default Re: EIN verification on PayPal

That being said I'm not an accountant and anything related to taxes should be looked at by a professional ,
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Old 10-28-2013
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Default Re: EIN verification on PayPal

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Originally Posted by Dmshark25 View Post
Yea the name on the business paypal is just a contact name for the business. But the EIN is either the owner or president or whatever u put down when creating the account, so your sales are reported along with the EIN to the IRS and the owner of the EIN is responsible
While this is correct. I agree. Still if I have a **** name on a PayPal associated with a EIN I would suggest talking to a account preferably a CPA/tax professional.

While I agree with most of the advice given so far. If you plan on going this route you really need to talk to a tax professional and find out how it will effect you.
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Old 10-30-2013
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Default Re: EIN verification on PayPal

Yes please do not take any tax advice from me the info I'm giving is geared towards remaining anonymous to ebay/Paypal to keep u selling and nothing to do with paying taxes , I have an accountant that takes care of that for me and everyone should do the same as u grow ur business , u will find besides taken care of all the tax issues they will also know ways that u will be able to right off alit if expenses like gas, car up keep for traveling to and from post office supplier, office max, you will find that if there good u can turn mane things into a business expense and need to know this before u start ur business so that u can document the appropriate expenses
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Old 11-04-2013
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Default Re: EIN verification on PayPal

If I use a ⊗⊗⊗⊗ (Stealth) name on Paypal and get an EIN in my real name - will Paypal know or does the IRS just share the address and name of the Business? By Business name are people referring to the owner of the account or a store's name? Can I name my business with the IRS my Stealth name? I'm just a little confused.
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Old 11-06-2013
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Default Re: EIN verification on PayPal

Quote:
Originally Posted by madmuppet303 View Post
If I use a ⊗⊗⊗⊗ (Stealth) name on Paypal and get an EIN in my real name - will Paypal know or does the IRS just share the address and name of the Business? By Business name are people referring to the owner of the account or a store's name? Can I name my business with the IRS my Stealth name? I'm just a little confused.
You can register the business and all that. The potential problem, is when you get the 1099k is filed with the IRS, It has the account holders name on it not the business name. That is why I would talk to an accountant/CPA.
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Old 11-06-2013
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Default Re: EIN verification on PayPal

Yea definetly talk to a professional cpa if you have an EIN with a stealth name because you know paypal will definitely send the IRS that name, and im sure it will be an easy solution that your accountant will give to you

I just been making accounts in my real name , i know alot of members are against it but it opens up so many more options with banks and taxes , and its one piece of info that i feel from almost a year of doing this that does not matter, names are not trademarked, and there are so many people with the same name 4 of my exact name just in my family.

I started stealth with my real name and than started making some accounts with made up ones , but i guess its my superstition that the ones with my real name are the ones that are lucky and my best accounts and flexible , so i just been using it when i make accounts and here and there use a stealth name.

But Best advice Get an Accountant and my Accountant said "Accountants are like tailors they do all the alterations until everything Fits" And thats what they do , and start spreading sales out too, will make lots less work for your CPA, Thank you could report everything under one corporation rather than multiple, if you had to report everything
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