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  #1  
Old 05-29-2011
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Default Update to my Paypal IRS 200/20000 Update (Stealth)

Hi guys! I have a premier pp stealth account that I have been running hard for 2 years. 3000+ sale. My eb is Top Rates Silver Power seller avg DSR 4.9 across the board. 1200+Positive Feedback. 1 negative that will drop in October.
I sell everything! I have sold ipods/iphones/laptops/DVD's and much much more.

My best account by far...
I knew the l would be hit eventually by the dreaded IRS additional Tax Requirements.

Well It happened today...

1. They didn't limit the account they just added the notice to the account.
2. I was still able to add shipping to remaining pending
3. First I was required to upgrade to business account. Very simple. Just questions like start of business date and what kind of business it is.
4. Then I was asked to provide SS#, EIN# or SS# (For aliens working in US)

Back in November of 2010 I anticipated this so I acquired a real EIN# with my real info (no other choice).

I used the EIN# in completing the requirements. NEVER was I asked for my real info. Now the account is perfect again.

Do you think they will find out that EIN is in my real name?
Also I plan to let the account now stay under the 20k for rest of year so that a 1099 will never be sent out. Then in January 2010 I should be able to go back to using this account.

What do you guys think?
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  #2  
Old 05-29-2011
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Interested to see what others think here. I like this.
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Old 05-29-2011
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Quote:
Originally Posted by newjerseymax View Post
Hi guys! I have a premier pp stealth account that I have been running hard for 2 years. 3000+ sale. My eb is Top Rates Silver Power seller avg DSR 4.9 across the board. 1200+Positive Feedback. 1 negative that will drop in October.
I sell everything! I have sold ipods/iphones/laptops/DVD's and much much more.

My best account by far...
I knew the l would be hit eventually by the dreaded IRS additional Tax Requirements.

Well It happened today...

1. They didn't limit the account they just added the notice to the account.
2. I was still able to add shipping to remaining pending
3. First I was required to upgrade to business account. Very simple. Just questions like start of business date and what kind of business it is.
4. Then I was asked to provide SS#, EIN# or SS# (For aliens working in US)

Back in November of 2010 I anticipated this so I acquired a real EIN# with my real info (no other choice).

I used the EIN# in completing the requirements. NEVER was I asked for my real info. Now the account is perfect again.

Do you think they will find out that EIN is in my real name?
Also I plan to let the account now stay under the 20k for rest of year so that a 1099 will never be sent out. Then in January 2010 I should be able to go back to using this account.

What do you guys think?
WOW, I have been trying to get this information on here for weeks now. I am glad to see this posting for sure.

It will be possible one of the MOST talked about issues on here over the next few months since people are getting close to that 20k.

I have My EIN as well since I was waiting for them to email me. I am at about 17k now and have yet to hear.

so you posted the EIN with your real info to a stealth account? My scenario is that the paypal is in my adult sons name(he is aware) and the EIN will be in mine but hopefully that wont matter and all that matters is the EIN.

Thanks for the post.
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Old 05-29-2011
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Quote:
Originally Posted by newjerseymax View Post
Hi guys! I have a premier pp stealth account that I have been running hard for 2 years. 3000+ sale. My eb is Top Rates Silver Power seller avg DSR 4.9 across the board. 1200+Positive Feedback. 1 negative that will drop in October.
I sell everything! I have sold ipods/iphones/laptops/DVD's and much much more.

My best account by far...
I knew the l would be hit eventually by the dreaded IRS additional Tax Requirements.

Well It happened today...

1. They didn't limit the account they just added the notice to the account.
2. I was still able to add shipping to remaining pending
3. First I was required to upgrade to business account. Very simple. Just questions like start of business date and what kind of business it is.
4. Then I was asked to provide SS#, EIN# or SS# (For aliens working in US)

Back in November of 2010 I anticipated this so I acquired a real EIN# with my real info (no other choice).

I used the EIN# in completing the requirements. NEVER was I asked for my real info. Now the account is perfect again.

Do you think they will find out that EIN is in my real name?
Also I plan to let the account now stay under the 20k for rest of year so that a 1099 will never be sent out. Then in January 2010 I should be able to go back to using this account.

What do you guys think?


Also wanted to mention that you may want to leave a little room in the account to use occasionally until the end of the year. you probably dont want to just let it sit dormant because they might take issue with it being possible a hijacked account or something. you never know. If they do then you would be bothered with a bunch of confirmation BS.
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Old 06-01-2011
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So is it possible for them to find out the real name he used on his EIN?
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Old 06-01-2011
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All they can do is look up the ein and find the business name you registered it under.
Read the Stealth Book the proper process is written there I believe.
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Old 06-01-2011
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I have researched this extensively, and I think you will be OK.

The reason? The IRS - BY LAW - CANNOT divulge any informayion to them. All they can do is take PayPal's input and return a staus of "MATCH" or "NO MATCH".

It will be interesting to see what happens.
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Old 06-02-2011
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Yes. But they are only required to divulge the information if I reach the limits. At what point will the "match" or "no match" take place? I don't want the 1099 form by no means and don't plan on exceeding the 20k limit. Maybe its a non-issue if that is the case. At best I have a good pp account for next year.
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Old 06-02-2011
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I am in the same boat now as you. I have never applied for EIN before so which of these should I apply for:

Sole Proprietor <---- I'm guessing this one but not 100% sure
Includes individuals who are in business for themselves and household employers.
Partnerships
Includes partnerships and joint ventures.
Corporations
Includes S corporations, personal service corporations, real estate investment trusts (REIT), regulated investment conduits (RIC), and settlement funds.
Limited Liability Company (LLC)
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Old 06-02-2011
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Paypal asked me for 3 tax IDs on my 3 stealth accounts, 1 of them hits 22k already, but thr other 2 are only 11k so far ..... so I input different EINs for them, they been fine for 3 days, and then Paypal sent me emails again asking for tax ids on these 3 accounts. So I went in these 3 accounts and click on the provide tax id button, but this provide tax id button all bring ne to an error page stating it's a book mark error ? Anyone has encountered this situation ?
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Old 06-02-2011
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Hi, Sell4more2

Here is my 2 cents, I applied my EINs using Partnerships, this way at least it adds a cushion to have a resposible person different from the name in your paypal account.
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Old 06-02-2011
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Did you apply on the IRS website, and who did you add for your partnership?
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Old 06-02-2011
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Yes, I got EIN from IRS web site, you do not need to specify who your partner is , that's the trick, you only need to specify who the person is responsible for all the operation of the partnership, and that would be you (real name) because then IRS will need your SSN.

But I am still watching this Paypal Tax ID things, I would not say I am 100% pass thru yet.
If anyone can provide more advance info, would be really appreciated ..
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Old 06-02-2011
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Did you try calling them in and having them hard-wire it into the account?
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Old 06-02-2011
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Calling Paypal ??
That would be the last I want to do
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Old 06-02-2011
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Quote:
Originally Posted by lyl797 View Post
Calling Paypal ??
That would be the last I want to do
As long as you have your details straight calling them is fine. I called them this morning all worried like yourself and they didnt even ask me 1 thing about my account at all. I went through their site and got that PIN number that last 60minutes and apparently that gives them all of your confirmation info already. Besides if you go into your account settings there is a choice as to what you want them to ask you for account confirmation. you can choose CC, Bank, SSN, etc. they will only ask you what you chose.

Besides that what all would you need? all there is (IF they ask) is the DOB, Name, etc. you should have all that listed down anyway.

Remember if you are with a stealth account to THEM you are the real person. To them you having a stealth account or real is the exact same thing. There is NO difference or you would not be listing or collecting money.

There are not workers sitting there just waiting to trip up people over the phone just just so they can hit their BIG RED "suspension" button over the slightest mispoken word. (well maybe that is how it works really?)

Relax and just call them when you need to. you might be pleasantly surprised. I was today when I called.
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