Has anyone used DBA + EIN on paypal lately?

[209box]

Experience?

[joew8989]

yes I do it all the time. Register the EIN with the secretary of state, form a corporation, and get an ein. That's how Ive opened new accounts for years

[bobCrocker]

I would but it's too expensive to get it. I just to own a business and it costed me 150 just to register my business name in Florida. It really depends where you live

[209box]

joe do you use the same EIN for all the new accounts you create? Are you using LLCs?

[matt20]

I've read that PayPal sometimes still asks for a SSN# too. How often does that happen? Do they usually just accept solely the EIN, even if you go over the 200/$20000 limit?

And do you add the EIN right away when you sign up, or wait until some other time?

[joew8989]

I use C corporations, and I use a different tax ID per paypal account. Its an accounting nightmare but my pay pal and ebay accounts (I think) are higher volume than I see here on the forum usually $20,000 a month. Itll cost me $200. for the corp DBA is $20. I file my taxes legitimately. Im afraid of the IRS , but not paypal

[209box]

Joe, you have been extremely helpful here, i appreciate the help. I feel the same way, but i have an accountant anyway so i might as well get my bucks worth.

Which site do you use to get a C corp? Do you get your EIN's at irs.gov? I thought i read somewhere you could only get one EIN. That was probably one per company or something.

[mercurial333]

Originally Posted by joew8989

I use C corporations, and I use a different tax ID per paypal account. Its an accounting nightmare but my pay pal and ebay accounts (I think) are higher volume than I see here on the forum usually $20,000 a month. Itll cost me $200. for the corp DBA is $20. I file my taxes legitimately. Im afraid of the IRS , but not paypal

Lot's of tax ids doesn't bode well with the IRS, so I heard from a few accountants. Just a thought.

[newjerseymax]

Originally Posted by mercurial333

Lot's of tax ids doesn't bode well with the IRS, so I heard from a few accountants. Just a thought.

As long as you pay taxes they don't care.

Who are these people? Lo.

[mercurial333]

Originally Posted by newjerseymax

As long as you pay taxes they don't care.

Who are these people? Lo.

Lots of people pay taxes, that doesn't mean they do it honestly. That's what audits are for.

Anyway that's what I've been told, you can do your own research on the subject.