Re: How to upgrade to a BUSINESS PAYPAL w/ EIN number Quote:
Originally Posted by talos Alright, that's understood. But without providing any tax information, how do you be responsible for the income you earn if the IRS hasn't learned about it from paypal? Tell the IRS what you've earned on your own? especially if someone used 50 accounts? How will they believe you that you're not hiding more? I tried doing that, but I got weary about opening a bank account for each eb/pp account. It seems odd to have 50 bank accounts. | This is for myself personally. I run a main account with with my Tax ID etc. Then I have a less than 10 stealth accounts that I run on the side.
For the same reasons I don't feel comfortable having 50-100 bank accounts and and VPNs and tracfones and everything else. I try to keep it within reason and use my stealth accounts more to spread out certain items and as a backup plan incase anything happens.
For stealth accounts its really not that hard you can access your monthly reports on PayPal assuming that is what you are using. You can get your sales totals, refunds, etc. Add up all your fees, postage, etc and going the schedule C route. You may have over 6+ figures in sales but unless something seems really strange and off. To be honest they have no clue how many bank accounts you run. Maybe something like having to high of phone write offs for a boatload of tracfones or something like that might be odd.
Overall, in my honest opinion its not the IRS that is the problem. Like you mentioned it is the banking laws with the mis-matched names and too many accounts that would cause problems. All the IRS tax stuff boils down to a few lines on one or two sheets.
|