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- PayPal Talk
( https://www.aspkin.com/forums/paypal-talk/)
jesusletsmecook | 05-31-2015 07:20 AM | The Paypal EIN Conundrum When it comes to the point where paypal asks for your SSN i understand that you can give them an EIN instead. However, if the name on the paypal is different from the business, from what i have read, the tax forms that are sent to you have the stealth paypal name on them.
What are you supposed to do about this?
If anyone has experience or stories it would be much appreciated. I've been reading through old threads for the last 2 days and can't find a straight forward answer |
Dmshark25 | 05-31-2015 07:50 AM | Re: The Paypal EIN Conundrum You need to make the paypal name to match your business name before you attempt to supply an EIN |
jesusletsmecook | 05-31-2015 08:49 AM | Re: The Paypal EIN Conundrum so once my stealth reaches 200/20,000 i have to ditch it? theres no established work around?
edit: in case there is a misunderstanding, i am talking about the name under the account i.e.: Billy Bob, not the name of the business. the business names will match. |
Re: The Paypal EIN Conundrum Quote:
Originally Posted by jesusletsmecook
(Post 673627)
so once my stealth reaches 200/20,000 i have to ditch it? theres no established work around?
edit: in case there is a misunderstanding, i am talking about the name under the account i.e.: Billy Bob, not the name of the business. the business names will match. | So if the name of the account is Billy Bob - you upgrade it to Billy Bob LLC or so... |
Dmshark25 | 05-31-2015 09:50 AM | Re: The Paypal EIN Conundrum If you use an EIN than the business name needs to match , if you use a SS# than the account holder needs to match
Whatever tax ID USED needs to match the name that is correlated with that TAX ID NUMBER |
Re: The Paypal EIN Conundrum Your Name: Billy Bob
Business Name: Billy Bobs LLC
EIN Business Name = PayPal Business Name
Not 100% sure but in order to use an EIN you have to convert your PayPal to a Business Account. Once that is done then you have to provide a Business Name. Once you give your business a name you then open the EIN in that same business name as PayPal. |
jesusletsmecook | 05-31-2015 11:43 AM | Re: The Paypal EIN Conundrum ok i get what you guys are saying and i appreciate the help but what I'm asking is if this is ok:
name business is created under: Brad Pitt
ein Business names: Billy Bobs LLC
paypal name:Billy Bob
paypal Business name: Billy Bobs LLC
Is this a problem?
From what i've been reading, when paypal sends you the tax form it will be in the name billy bob, a person that does not exist! I need someones input who has gone through this. |
kittylove | 05-31-2015 07:21 PM | Re: The Paypal EIN Conundrum Quote:
Originally Posted by jesusletsmecook
(Post 673672)
ok i get what you guys are saying and i appreciate the help but what I'm asking is if this is ok:
name business is created under: Brad Pitt
ein Business names: Billy Bobs LLC
paypal name:Billy Bob
paypal Business name: Billy Bobs LLC
Is this a problem?
From what i've been reading, when paypal sends you the tax form it will be in the name billy bob, a person that does not exist! I need someones input who has gone through this. | good question
wonder who has an answer? |
Re: The Paypal EIN Conundrum You guys are overthinking it.....Why would you make an LLC in one Name but Name your PayPal in ANOTHER! :doh: Come on now. |
Re: The Paypal EIN Conundrum Quote:
Originally Posted by MM78
(Post 673802)
You guys are overthinking it.....Why would you make an LLC in one Name but Name your PayPal in ANOTHER! :doh: Come on now. | Don't forget about what could be sold.... :shhh:
:focus: |
jesusletsmecook | 06-01-2015 03:18 AM | Re: The Paypal EIN Conundrum Quote:
Originally Posted by MM78
(Post 673802)
You guys are overthinking it.....Why would you make an LLC in one Name but Name your PayPal in ANOTHER! :doh: Come on now. | because you're not supposed to use your real name with a stealth account and you can't form an llc with a ⊗⊗⊗⊗ name... |
pr0wake | 06-01-2015 12:25 PM | Re: The Paypal EIN Conundrum This is what I tell my customers:
If/when you approach the 200item/$20,000 IRS limit, or pace to hit it, paypal will send you a request to provide tax information via email and sign-in notifications. Do not confuse this for SSN requests- paypal is upset if they are requesting SSN and this will NOT work in that situation.
Have an LLC EIN ready, aged at LEAST 2 weeks prior to adding in paypal. The IRS estimates 2 weeks before their databases reflect new EIN registrations. Apply for a new EIN at IRS.gov during normal business hours. Look under the "Tools" tab and follow the steps.
Name the LLC anything you prefer, aware it will need to appear exactly the same in paypal. No special or further action is required with the IRS after naming, obtaining, and saving your EIN other than waiting two weeks. You (or your accountant) will be able to file multiple LLC returns without problems.
Finally, upgrade the account to a business, input your exact LLC name into the business name field, submit the EIN, and enjoy |
jesusletsmecook | 06-01-2015 01:50 PM | Re: The Paypal EIN Conundrum Quote:
Originally Posted by pr0wake
(Post 673962)
This is what I tell my customers:
If/when you approach the 200item/$20,000 IRS limit, or pace to hit it, paypal will send you a request to provide tax information via email and sign-in notifications. Do not confuse this for SSN requests- paypal is upset if they are requesting SSN and this will NOT work in that situation.
Have an LLC EIN ready, aged at LEAST 2 weeks priot to adding in paypal. The IRS estimates 2 weeks before it is updated in their database. Register for a new EIN at IRS.gov during normal business hours. Look under the "Tools" tab and follow the steps.
Name the LLC anything you prefer, aware it will need to appear exactly the same in paypal. No special or further action is requried with the IRS after naming, obtaining, and saving your EIN other than waiting two weeks
Finally, upgrade the account to a business, input your exact LLC name into the business name field, submit the EIN, and enjoy | Thanks! So the tax forms being sent in the paypal name isn't true? Thats my main concern
edit: i pm'd you a some questions a couple days ago, if you could pm the answer to those too that would be great. |
trosky | 06-01-2015 02:00 PM | Re: The Paypal EIN Conundrum Tax forms are sent from what I understand under the BUSINESS NAME not the PayPal name. That's why it's a business account only business name matters at that point |
yankee | 06-01-2015 06:34 PM | Re: The Paypal EIN Conundrum Im not reading all the answers and most likely it is already answered multiples times.
UPGRADE your paypal to business and change everything to your EIN business name. It is one easy and simple step. The old info is irrelevant.
End of story. Nothing else to it. |
nickh04 | 06-04-2015 01:06 PM | Re: The Paypal EIN Conundrum Noob question alert:
Can you open as many LCC's as you want with the IRS? Is it free? |
google9 | 06-04-2015 01:32 PM | Re: The Paypal EIN Conundrum Does Paypal send tax papers through snail mail to the address on file ? if so how are you going to get them if it's a stealth address ? I remember couple years ago paypal sent 1099k to my home (real account) but last year they did not, so I"m not sure if that has stopped and now can only be obtain via their site ? |
plumsake2 | 06-05-2015 11:13 AM | Re: The Paypal EIN Conundrum Quote:
Originally Posted by nickh04
(Post 674840)
Noob question alert:
Can you open as many LCC's as you want with the IRS? Is it free? | You can obtain as many EINs from the IRS for as many businesses that you have. EINs are free and should not be paid for (LegalZoom charging $80 for one is a joke...).
But creating and running businesses definitely isn't free and it's not something you should do without properly understanding what you're getting yourself into.
Nolo is a good website with lots of free information about starting an LLC: 50-State Guide to Forming an LLC | Nolo.com |
yankee | 06-05-2015 12:25 PM | Re: The Paypal EIN Conundrum Quote:
Originally Posted by google9
(Post 674850)
Does Paypal send tax papers through snail mail to the address on file ? if so how are you going to get them if it's a stealth address ? I remember couple years ago paypal sent 1099k to my home (real account) but last year they did not, so I"m not sure if that has stopped and now can only be obtain via their site ? | You download it on paypal.com but in all reality, it is meaningless. Get ahold of your account to explain why. | All times are GMT -5. The time now is 09:28 AM. | |
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