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  #1  
Old 11-24-2013
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Default Paypal locked for tax id

Account was locked today. Paypal asking for tax id.


1) I assume if I give them my actual social that a) I can't use it again and b) I cAnt remember if I ever provided them my actual social back in the day when I had a account with my real name . If I did that could compromise my stealth. Account.

2) can I request a tax ID in the name of my stealth account and then go to trouble of forming a business entity if I hit the threshold where Paypal issues a 1099. Will our tax friends be looking for a tax rerun if a tax ID was created?
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Old 11-25-2013
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Default 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.
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Old 11-26-2013
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Default Re: Paypal locked for tax id

Quote:
Originally Posted by Mr2005 View Post
Account was locked today. Paypal asking for tax id.


1) I assume if I give them my actual social that a) I can't use it again and b) I cAnt remember if I ever provided them my actual social back in the day when I had a account with my real name . If I did that could compromise my stealth. Account.

2) can I request a tax ID in the name of my stealth account and then go to trouble of forming a business entity if I hit the threshold where Paypal issues a 1099. Will our tax friends be looking for a tax rerun if a tax ID was created?
What are your numbers that got you locked out.......number of transactions, and amount?
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Old 01-14-2014
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Default Re: Paypal locked for tax id

Just logged onto my PayPal account that was locked for Tax ID in 2013. It was reinstated! Think they are enforcing close to 200 transaction or 20k now. Will prevent you from going over either. I was shut down at 197 payments received and about 10k last Aug/Sep.

Personally plan on stopping selling on U.S. stealth's this year at about 190 transactions to be safe.
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