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Old 12-18-2014
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Default 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
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Old 12-18-2014
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Default Re: PayPal tax changes.

good find...looks like paypal is cracking down on IENs that don't match real infos
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Old 12-18-2014
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Default Re: PayPal tax changes.

Quote:
Originally Posted by john007 View Post
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.

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Default 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.
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Old 12-18-2014
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Default Re: PayPal tax changes.

Quote:
Originally Posted by imboxsy View Post
"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.
Any reports of ITIN issues?
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Default 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?
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Default Re: PayPal tax changes.

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Originally Posted by pikachu10 View Post
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"
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Old 12-18-2014
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Default 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.
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Old 12-18-2014
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Default Re: PayPal tax changes.

so those companies are llcs?
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Default Re: PayPal tax changes.

Quote:
Originally Posted by john007 View Post
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...
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Old 12-18-2014
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Default Re: PayPal tax changes.

Quote:
Originally Posted by pikachu10 View Post
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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