vogeltron | 11-25-2013 04:27 AM | Re: Paypal locked for tax id Questions to talk an accountant about.
What I can tell you is it seems PayPal has been locking accounts from receiving funds/closing account. Once you get close to the 200 transaction limit. Not an exact science but my experience. In past years sometimes when this has happened in end to mid jan after PayPal sends out the 1099ks most accounts have been reinstated. There is no guarantee it will happen in 2014.
I would talk to an accountant about your questions. You should be paying taxes on any income you earn anyways by law. But I would also advise like everyone else on the board working on more stealth accounts and making sure you have backups ready to go so it does not slow down business as much when things like this happen. Especially here in the US with Stealth you are much safer in numbers with more accounts than you need. It is what I like to call one of those good problems. |