EIN question... do you call and cancel unused EIN? Penalty for not declaring taxes? - eBay Suspended & PayPal Limited Forums
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Old 05-26-2016
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Default EIN question... do you call and cancel unused EIN? Penalty for not declaring taxes?

I have an old EIN I have never done anything with. I was going to use it for another venture about 3 years ago, but never did. Even worse, the documents show I have been supposed to report taxable revenue quartly, not yearly, because of the 'expected revenue' I listed on the application.

Am I in trouble for not filing, when the income tied to the EIN has been zero? I never did anything with it, never took in any money, but never filed any paperwork since the initial application, either..

Should I just type it into PP anyway, and when/if I get taxed, and PayPal sends the 1099, they will see that this upcoming year is the first taxable ammount?

I'm not sure if it's up to me to prove there was zero income at this point, or up to them to prove otherwise? Also not sure the EIN is even active after being dormant 3 years.

Last edited by stressed08; 05-26-2016 at 06:52 PM.
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Old 05-26-2016
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Default Re: EIN question... do you call and cancel unused EIN? Penalty for not declaring tax

Such tax advice is not what the forum does. You may get inaccurate advise so do your own research carefully.

Check the IRS site.

www.irs.gov
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Old 05-26-2016
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Default Re: EIN question... do you call and cancel unused EIN? Penalty for not declaring tax

You need to contact your accountant. The advice above from davids01 may not be the case at all.

Most states have a minimum fee. Some are $100 annually others are well over $1000.00 annually just because the company exists, profit or not.
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Old 05-26-2016
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Default Re: EIN question... do you call and cancel unused EIN? Penalty for not declaring tax

Financial consultation is in order OP - best of luck.
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