Forum

Tax Id Already?
 

Is this normal only been selling for like 3 months with this new account and already asking for Tax ID. I think I sold over $3000 in 3 months or so.

thanks

Re: Tax Id Already?
 

how many pieces?

It is based on projected sales of either 200 or 20K.

Re: Tax Id Already?
 

Yes, how many items have you sold in this 3 months?

Re: Tax Id Already?
 

I sold like maybe 250. But must be 200 and 20,000 to report right?

thanks

Re: Tax Id Already?
 

To report yes BUT paypal goes by OR not both.

Re: Tax Id Already?
 

so i choose LLC as EIN and whats the best choice how much is it thanks again

Started a new business
Banking purposes
Changed type of organization
Purchased active business

Re: Tax Id Already?
 

You need to contact your advisers such as CPA.
Also you can file in any state if you happen to reside in an unfriendly business state such as CA, NJ, NY, MA, CT, RI and the list goes on.

WY is my go to state for a variety of reasons.

You can request the EIN right off the IRS website before filing BUT I would strongly suggest doing a lot of research and talking with your CPA before possibly causing you extra tax liabilities or legal issues.

Re: Tax Id Already?
 

Keep in mind, the new year is in two days and if you did not sell past your first request, you will get a reset sometime next month. Can by you time or open more accounts to spread sales etc...

I only add an EIN to accounts I know will last for years and are going to sell thousands of the same items over and over.

Re: Tax Id Already?
 

my other ebay account has LLC as EIN through internet sold total of 19.500 and stop few weeks ago to stay away from 20k mark hehe.
So I can go without filing a ein even though everytime I sign in paypal I get asked too. Or at some point do they limit account?

thanks

Re: Tax Id Already?
 

If you are on your FIRST request and stopped selling, you will get a reset. If you push the envelope and get a second request they will limit the account, you will not be able to use it to collect funds and it will remain that way until you add tax info.

Re: Tax Id Already?
 

How do I get an EIN? And what is needed? A CPA?
I need it so I can start selling more.. Please help me. I am in California.
What kind of EIN will I need to get? What do I ask my CPA?

Thank you.

Re: Tax Id Already?
 

I am surprised they would let you sell 250 without limiting the account from receiving payments. I am quite sure if you don't add a Tax ID this PayPal will be toast. The only accounts I know of that were reinstated in the past couple years were ones PayPal limited before they reached either threshold the 200 or 20k.

Re: Tax Id Already?
 

I am filing for a multi member LLC...

Its asking me to choose from these....

Started a new business
Banking purposes
Changed type of organization
Purchased active business

What is "banking purposes" selection used for?

Do we only choose "started a new business" for our stealth accounts?

Thanks