| |
04-07-2021
| | Executive [VIP] | | Join Date: Apr 2010
Posts: 2,135
Thanks: 84
Thanked 309 Times in 239 Posts
Activity: 0% Longevity: 81% | | Poking around in managed payments
USA managed payments that is.. I noticed that i can edit the DOB/NAME/ADDRESS etc... and of course they warn changing data that can't be verified may result in payout holds. blah blah blah.But, that got me to thinking.
This is hypothetical. A 1099 is generated at the end of the year. Let's say i sell 55k, and i use my "brothers" SSN/DOB ETC... for an account. This is a hypothetical, so don't get on your soap box about using someone else's data or whatever, obviously was approved in this hypothetical.
December 25th i change the data to my own, name, leave address... change DOB and SSN to match name etc... shouldn't cause any conflicts. If that takes, and from adyen experiences I've read, unless adyen flags you for fraud, an ebay suspension and adyen suspension are different.So they don't give a ****. You could technically run eBay accounts all year under a different identity and again for the karens "approved use of identities" and then switch to your own to pay the taxes at the end of the year.. The problems and unknowns with this and needs testing is.. Will they limit or suspend you when you change data? Does the 1099 data go back to the original person even if it's changed at the end of the year? so will my "brother" be issued a 1099 for the sales when it was under his name? Or does it just go by who's on it at the end of the year? We won't know the answer to this, obviously until someone tests it. I ain't worried about avoiding taxes, I've been paying them for 15 years even though i rarely get a 1099 in my name, because it's the correct thing to do. Nonetheless....
| The Following User Says Thank You to HurricaneHuntr For This Useful Post: | |
The complete step-by-step guide to get back to selling today!
| |
04-07-2021
| Senior Member | | Join Date: Sep 2017
Posts: 3,205
Thanks: 955
Thanked 779 Times in 596 Posts
Activity: 0% Longevity: 38% | | Re: Poking around in managed payments Quote:
Originally Posted by Moscutter You could technically run eBay accounts all year under a different identity and again for the karens "approved use of identities" and then switch to your own to pay the taxes at the end of the year.. | Negative, Ghostrider. Sales are attached to whichever tax number is currently provided. You meet the 1099 criteria for 10 tax numbers throughout the year, 10 1099s are going out.
|
04-07-2021
| | Executive [VIP] | | Join Date: Nov 2015
Posts: 10,834
Thanks: 2,079
Thanked 4,025 Times in 3,012 Posts
Activity: 5% Longevity: 49% | | Re: Poking around in managed payments
IDK. I came here to agree with ebs but then I went poking around in one of my accounts. They'll let you edit everything in your account settings. Company name, EIN, beneficial owner and their SSN, can all be changed.
I feel like actually changing any of those details would lead to a ton of scrutiny though. Definitely not something I'm willing to try.
__________________ ____________ _______ ___ |
04-07-2021
| Senior Member | | Join Date: Sep 2017
Posts: 3,205
Thanks: 955
Thanked 779 Times in 596 Posts
Activity: 0% Longevity: 38% | | Re: Poking around in managed payments
I'm just speaking on the reporting side of things.
|
04-07-2021
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,109 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Poking around in managed payments
You can do the same on paypal and amazon.
Whatever tax number is on the account at the end of December is where the 1099k is going.
I do this every year right after Christmas.
| The Following 4 Users Say Thank You to yankee For This Useful Post: | |
04-07-2021
| | Executive [VIP] | | Join Date: Nov 2015
Posts: 10,834
Thanks: 2,079
Thanked 4,025 Times in 3,012 Posts
Activity: 5% Longevity: 49% | | Re: Poking around in managed payments
lol, that's nuts.
__________________ ____________ _______ ___ |
04-07-2021
| | Executive [VIP]
Threadstarter  
| | Join Date: Apr 2010
Posts: 2,135
Thanks: 84
Thanked 309 Times in 239 Posts
Activity: 0% Longevity: 81% | | Re: Poking around in managed payments Quote:
Originally Posted by phaz0rz lol, that's nuts. | I am not so much worried about the scrutiny side of things, i don't mind if the account gets suspended, as long as i am tied to the 1099 data.
|
04-07-2021
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,109 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Poking around in managed payments
I change the numbers to 123456789 so that there is no 1099k issued to me You will get a w9 request and if you dont submit it, the account will not be able to collect funds some day in December the following year.
|
04-07-2021
| | Executive [VIP]
Threadstarter  
| | Join Date: Apr 2010
Posts: 2,135
Thanks: 84
Thanked 309 Times in 239 Posts
Activity: 0% Longevity: 81% | | Re: Poking around in managed payments Quote:
Originally Posted by yankee I change the numbers to 123456789 so that there is no 1099k issued to me You will get a w9 request and if you dont submit it, the account will not be able to collect funds some day in December the following year. | good to know, except paypal is going away, it'd be nice if this is how ebay is run. It'll be interesting. I may test it out.
|
04-08-2021
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,109 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Poking around in managed payments Quote:
Originally Posted by Moscutter good to know, except paypal is going away, it'd be nice if this is how ebay is run. It'll be interesting. I may test it out. | Paypal, ebay, amazon, etsy, stripe, square, etc....
At any time(sometimes requires an email) you can change the tax number. It is much harder to change a bank account than tax number at times.
|
04-08-2021
| | Executive [VIP]
Threadstarter  
| | Join Date: Apr 2010
Posts: 2,135
Thanks: 84
Thanked 309 Times in 239 Posts
Activity: 0% Longevity: 81% | | Re: Poking around in managed payments Quote:
Originally Posted by yankee Paypal, ebay, amazon, etsy, stripe, square, etc....
At any time(sometimes requires an email) you can change the tax number. It is much harder to change a bank account than tax number at times. | Changing the whole name on Paypal has never been possible in my experiences though, so your 1234567899 whatever, makes sense, from the Paypal perspective. On Ebay you can change everything.
|
04-08-2021
| | Executive [VIP] | | Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,109 Times in 2,282 Posts
Activity: 0% Longevity: 60% | | Re: Poking around in managed payments Quote:
Originally Posted by Moscutter Changing the whole name on Paypal has never been possible in my experiences though, so your 1234567899 whatever, makes sense, from the Paypal perspective. On Ebay you can change everything. | It has ALWAYS been possible on paypal. Businesses get sold everyday. New EIN number and name change is not at all uncommon. Heck, the moment you click "upgrade to business" you change it then |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | |