Paypal EIN - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Marketplace Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 12-23-2013
Senior Member
 
Join Date: Nov 2013
Posts: 72
Thanks: 45
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 46%
iTrader: (0)
Default Paypal EIN

I have 12 accounts that are close to hitting the 200/20k limit. Is it possible to have 12 EINs. It seems as though the IRS would become suspicious about this activity.
Also can I use a forwarding address for my 1099k forms? I'll have 12 of them and I'm filing quarterly. Probably will file 1099 misc.

Edit: Took a look around different websites and I think I will go with creating a LLC with different EINs.

Disclaimer: Just looking for tax OPINIONS, I am aware that the forum can't give out legal advice.

Last edited by Gloxk; 12-23-2013 at 02:08 PM.
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 12-23-2013
An0nym0u$'s Avatar
Executive [VIP]
 
Join Date: Jul 2012
Posts: 1,297
Thanks: 411
Thanked 493 Times in 346 Posts
Activity: 0%
Longevity: 57%
iTrader: (2)
Default Re: Paypal EIN

You have 12 accounts close to hitting the limit and no plan?

Not paying taxes is suspicious.

For best advice, you need to speak to a tax professional on how to properly report this.
Reply With Quote
The Following User Says Thank You to An0nym0u$ For This Useful Post:
Gloxk (12-23-2013)
  #3  
Old 12-23-2013
Senior Member
Threadstarter  
 
Join Date: Nov 2013
Posts: 72
Thanks: 45
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 46%
iTrader: (0)
Default Re: Paypal EIN

Thanks for the quick response! I plan on speaking to a local CPA after the holidays. This will be my first filing taxes ever(never had a job before this). I remember when my sister was young she would get jobs and keep them for like a month then move on to a new one. At tax season time she would be calling every job to make sure they sent her forms(she had at least 10. Lol)
Quote:
Originally Posted by An0nym0u$ View Post
You have 12 accounts close to hitting the limit and no plan?

Not paying taxes is suspicious.

For best advice, you need to speak to a tax professional on how to properly report this.
Reply With Quote
  #4  
Old 12-23-2013
jeffweico's Avatar
Executive [VIP]
 
Join Date: Mar 2010
Posts: 7,219
Thanks: 895
Thanked 4,061 Times in 2,168 Posts
Activity: 0%
Longevity: 75%
iTrader: (12)
Default Re: Paypal EIN

Many business owners have multiple EIN's. I personally know one who has at least 3 - one for each of his restaurants. He keeps everything separate so he knows how each location is doing. I also think he may have different investors for each location.

So I would say no, it does not automatically look suspicious to the IRS. As long as you can explain what you are doing if they ask, you will be fine. And that is unlikely to ever happen.

Now, if you were suddenly applying for hundreds, or thousands of numbers, that may be different.
Reply With Quote
The Following User Says Thank You to jeffweico For This Useful Post:
Gloxk (12-23-2013)
  #5  
Old 12-24-2013
GreenBean's Avatar
Executive [VIP]
 
Join Date: Sep 2007
Posts: 42,042
Thanks: 5,509
Thanked 9,023 Times in 7,036 Posts
Activity: 0%
Longevity: 95%
iTrader: (6)
Default Re: Paypal EIN

Please take professional tax advice .

Thus should have happened months ago.

Deal with it as soon as you can.

To help read this site

Internal Revenue Service

User friendly & free to use.

Good Luck

Reply With Quote
The Following User Says Thank You to GreenBean For This Useful Post:
Gloxk (12-24-2013)
  #6  
Old 12-24-2013
Senior Member
 
Join Date: Jan 2013
Posts: 4,410
Thanks: 242
Thanked 1,582 Times in 1,073 Posts
Activity: 0%
Longevity: 53%
iTrader: (0)
Default Re: Paypal EIN

It's ok to have 12+ businesses but at that point you need a lawyer and an accountant , and they do not need to be big names . I Owned a banquet , hall restaurant and bar all under one 27,000 sqft but it was easier to manage by breaking it up into separate parts , so I had multiple EIN S , and colorations set up,and at that point u need to be certain and although u need to understand the legal and tax side of ur business just like every other aspect but as an owner u need to be on top and aware of everything mad need to learn to delegate and get the right people I'n the right spots , u can't be guessing ur way through the day, focus on growing your business and having each department staffed with a professional where need to be, taxes and All the legal issues that come up when running a business never stops and you cannot be the owner , lawyers. Accountant and so on


Those departments are very crucial and with the right people will go smooth but if no one takes care of that end u won't last especially as u grow, than u meet with each department every whatever day or twice a week or whatever you feel necessary to grasp what is going on, but ughhhhh law and taxes is not like sweeping the floor , so leave that end to professionals, my advice, make sure u choose those positions Carefully and always be aware of everything and always make the final decision or you could end up a mess
Reply With Quote
The Following User Says Thank You to Dmshark25 For This Useful Post:
Gloxk (12-24-2013)
  #7  
Old 12-24-2013
Senior Member
Threadstarter  
 
Join Date: Nov 2013
Posts: 72
Thanks: 45
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 46%
iTrader: (0)
Default Re: Paypal EIN

When it comes to LLC/EIN/etc.. It gets pretty messy. I will just go stealth and report my bank statements. The thing is I know I'll have over 200 transactions per month for each account. That's a lot of banks.
Reply With Quote
  #8  
Old 12-25-2013
Junior Member
 
Join Date: Dec 2013
Posts: 28
Thanks: 8
Thanked 0 Times in 0 Posts
Activity: 0%
Longevity: 46%
iTrader: (1)
Send a message via Skype™ to sfoxlbox
Smile Re: Paypal EIN

how about you open a merchant account with authorize.net? it will be easier for a long term i guess. since there is no limit and no withdrawal issues. the money get deposit to you account after 2 days whether it is 2$ or 20000$. i m not sure if linking your merchant account to different ebay account will be a problem. but you can ask other seller who use it as payment method. the merchant account is like 17.95 a month plus 1.99% transaction fees i guess.
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



Aspkin Group

All times are GMT -5. The time now is 05:30 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts