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- - 1099-K Issue (https://www.aspkin.com/forums/subscriber-discussions/69730-1099-k-issue.html)

dhunter0294

01-28-2014 08:43 PM

1099-K Issue

Received my 1099-K from PP, my paypal account is setup as stealth business LLC with EIN attached. For some reason the 1099's Payee name isn't the business its the stealth name. What is a tax accountant going to say about this because i'm obviously not this person but am listed on the LLC as the Manager/Owner/Proprietor? Any help would be greatly appreciated.

Dmshark25

01-28-2014 11:52 PM

Re: 1099-K Issue

You can talk straight to your accountant and they will tailor everything the way the IRS likes

jeffweico

01-29-2014 02:03 AM

Re: 1099-K Issue

Is the EIN on the 1099? If so, there should not be an issue. If, however, you used someone's information and their SSN, that person may get dinged for the taxes.

PayPal is supposed to verify the information you give them with the IRS. But they only verify the business name in the case of an EIN, as that is all the IRS will verify.

dhunter0294

01-29-2014 09:52 AM

Re: 1099-K Issue

Quote:

Originally Posted by jeffweico (Post 523960)

Yes the EIN is on the 1099, no SSN was ever or ever can be supplied. That's why I went the EIN/LLC route

Omgoozle

01-29-2014 11:09 AM

Re: 1099-K Issue

The PP was set up by an "agent" of the LLC.

The LLC used to be co-run by someone else but you had a falling out and they are no longer associated with the company.

markflood

01-29-2014 12:37 PM

Re: 1099-K Issue

Quote:

Originally Posted by dhunter0294 (Post 524060)

Yes the EIN is on the 1099, no SSN was ever or ever can be supplied. That's why I went the EIN/LLC route

Hi did you receive yours in the mail yet? if so when? I know its available online,

GreenBean

01-30-2014 06:58 AM

Re: 1099-K Issue

Quote:

Originally Posted by Omgoozle (Post 524079)

The PP was set up by an "agent" of the LLC.

The LLC used to be co-run by someone else but you had a falling out and they are no longer associated with the company.

With the added comments PLEASE I am not a tax professional and these are merely my thoughts.

AGAIN, for those who can not comprehend, we do not give tax advice.

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