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  #1  
Old 02-19-2014
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Default Upgrading to Business

I currently have a stealth account running very well, but very close to reaching 20k. Is it safe to upgrade to business account, change address to PO box using street address, and adding EIN. I am willing to pay the taxes, but don't want the IRS claiming taxes from someone else. Help is appreciated in how to proceed.
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Old 02-20-2014
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Default Re: Upgrading to Business

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Originally Posted by cre8ful View Post
I currently have a stealth account running very well, but very close to reaching 20k. Is it safe to upgrade to business account, change address to PO box using street address, and adding EIN. I am willing to pay the taxes, but don't want the IRS claiming taxes from someone else. Help is appreciated in how to proceed.
Is the account in your name/variation of your name, or a stealth name. Because once you make a PayPal with a stealth name you can't change it. Even if you change it to a business account the 1099k still comes under the PayPal account holders name not the company name. That is what has been the catch 22 about adding a EIN to a stealth PayPal for quite a while now.
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Old 02-20-2014
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Default Re: Upgrading to Business

Taxes in the US , are assigned to a tax ID and not a name, there are many people with the same name, but your tax ID is unique to only you and that is who is responsible for taxes
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Old 02-20-2014
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Default Re: Upgrading to Business

So does the name matter or not?
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Old 02-20-2014
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Default Re: Upgrading to Business

Hi cre8ful, thinking logically about this, if you have for example John Smith on your paypal as a name and you go and create an EIN in your name and you put it on John Smith, it would not work because EIN would not match the name on the paypal account, and once you get the 1099 you will get it under John Smith not your name, so personally I would not do it this way, instead, I would open a new pp and put real name and ein, much better this way, you can get a po box or i prefer a ups box since it comes as a street name like suite or APT, not PO Box since pp dont like PO BOX. hope that helps. good luck.
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Old 02-21-2014
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Default Re: Upgrading to Business

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Originally Posted by rocketman View Post
Hi cre8ful, thinking logically about this, if you have for example John Smith on your paypal as a name and you go and create an EIN in your name and you put it on John Smith, it would not work because EIN would not match the name on the paypal account, and once you get the 1099 you will get it under John Smith not your name, so personally I would not do it this way, instead, I would open a new pp and put real name and ein, much better this way, you can get a po box or i prefer a ups box since it comes as a street name like suite or APT, not PO Box since pp dont like PO BOX. hope that helps. good luck.
Other members have reported as long as it matches the Business name even with a stealth name it will pass the PayPal test. However, the big question results from the 1099k in a stealth name. That is the answer you would need to ask an accountant about. I agree with the post above would be better off doing it all legit with new info and variations of names in cities nearby, etc.
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Old 02-21-2014
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Default Re: Upgrading to Business

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Originally Posted by vogeltron View Post
Other members have reported as long as it matches the Business name even with a stealth name it will pass the PayPal test. However, the big question results from the 1099k in a stealth name. That is the answer you would need to ask an accountant about. I agree with the post above would be better off doing it all legit with new info and variations of names in cities nearby, etc.
Thanks I think I will keep my EIN aside and use paypal next year up to 20k. I'll use my merchant plus account instead.
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