1099 Under Business name or Account Owner?

[icanusethisone]

I'm reading over the Taxes section of the new guide where it says:

"What About Taxes? If you get the EIN and comply with the Tax ID requirement. If/when you go over the 20k/200 transactions and they send you a 1099k at the end of the year. It has the PayPal owners name on the account not the business name. So keep that in mind. This is where using your real name or nickname comes in handy...!"


My question is, if the 1099k comes in the name of the paypal owner account, not the business which I created, can I still file taxes for it? Even if it's a different name?

My only option is to do EIN since I can reach 200 items per week.

Thank you

[elmo]

You can still pay taxes on money in your bank account if you declare it as income etc.

With EIN it makes it organized and neat as you can name the PayPal the company name you provided the IRS and they will send you a 1099 with that business name.

[icanusethisone]

thank you for the reply
so if I received a 1099 saying:
business name - awesomestore
recipient - john smith (store owner name on PP)

and my name is James Dean
It could still file even if it's a different name?
Thank you

[sjantzer]

I would like some advice on this as well.

I did exactly as icanusethisone says above and used my middle name and a mispelling of my last name with an EIN and business name for tax purposes and recently got a request from paypal per the IRS to confirm or update the name on my account because it is mismatched. I'm assuming the mismatch is my personal name and not the business name. I have until Jan 5th to respond.

If I provide my last name will paypal automatically match this to a prior account from 2-3 years ago and lock the account? I have an impeccable ebay account and have run over $200k through this account. I'm somewhat curious if paypal does make the link if they will look at recent selling history and let the account stay active so long as the IRS is satisfied.