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- - PayPal tax changes. (https://www.aspkin.com/forums/paypal-talk/80834-paypal-tax-changes.html)

pikachu10

12-18-2014 04:08 AM

PayPal tax changes.

Hi,

I noticed that PayPal updated their rules for the IRS tax stuff. There was a November update, what does it mean?

WARNING THIS IS A PAYPAL LINK, PROCEED WITH CAUTION
Link: www.PayPal.com/irs

john007

12-18-2014 07:25 AM

Re: PayPal tax changes.

good find...looks like paypal is cracking down on IENs that don't match real infos

GreenBean

12-18-2014 07:47 AM

Re: PayPal tax changes.

Quote:

Originally Posted by john007 (Post 621395)

good find...looks like paypal is cracking down on IENs that don't match real infos

yes, we have already had several reports.

Now, here' where it was surprising.

Users affected had already added info to their accounts months before.

Paypal appeared to finally catch up with them.

:ranger:

imboxsy

12-18-2014 08:05 AM

Re: PayPal tax changes.

"you must provide PayPal with an IRS Form W-9 with your correct legal business name and/or TIN associated with any impacted PayPal account(s). "

i don't see the problem here. As long as you enter the correct business name your LLC is registered as.

rsot	12-18-2014 11:50 AM

Re: PayPal tax changes.

Quote:

Originally Posted by imboxsy (Post 621407)

Any reports of ITIN issues?

pikachu10

12-18-2014 12:00 PM

Re: PayPal tax changes.

If you have to do a W-9 form, don't you have to put your REAL name on the forum when submitting it?

imboxsy

12-18-2014 05:11 PM

Re: PayPal tax changes.

Quote:

Originally Posted by pikachu10 (Post 621477)

If you have to do a W-9 form, don't you have to put your REAL name on the forum when submitting it?

No. An LLC name is a considered a legal "US PERSON"

yankee

12-18-2014 08:21 PM

Re: PayPal tax changes.

ANY LLC or Corp has nothing to do with an individual.

Who owns Exxon? Who owns Fidelity? Home Depot?

It is exactly the same.

john007

12-18-2014 08:46 PM

Re: PayPal tax changes.

so those companies are llcs?

pikachu10

12-18-2014 08:53 PM

Re: PayPal tax changes.

Quote:

Originally Posted by john007 (Post 621650)

so those companies are llcs?

In order to pass PayPal's wanting for tax info, your EIN must be an LLC. Otherwise, when they verify the EIN, they'll find out the names don't match and then... stuff happens...

yankee

12-18-2014 08:54 PM

Re: PayPal tax changes.

Quote:

Originally Posted by pikachu10 (Post 621652)

In order to pass PayPal's wanting for tax info, your EIN must be an LLC. Otherwise, when they verify the EIN, they'll find out the names don't match and then... stuff happens...

This is BEST.

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