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11-29-2019
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Activity: 0% Longevity: 55% | | A combination of your name and Taxpayer Identification Number (TIN) does not match IR
I recently got this on a PayPal account that I'm not using because the eBay attached to it is on managed payments. Now, this has me wondering if eBay managed payments will come back with the same thing next year? It is set up as a sole proprietor with an LLC and an EIN. It's well over the 20k mark for reporting.
Thoughts???
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11-29-2019
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Activity: 0% Longevity: 51% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
I would guess it's coming back as a mismatch because a sole proprietor EIN is registered to your name and not an LLC. I would guess eBay will say the same thing at some point after they send out your first 1099, but I don't know.
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11-29-2019
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Activity: 0% Longevity: 55% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
How would you recommend this?
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11-29-2019
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Activity: 0% Longevity: 51% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
I've got nothing. I lost a high volume Paypal a few years ago because of this. Paypal wanted me to fill out a form to fix the mismatch but it was impossible for me to fill out the form the way they wanted because of how I'd originally setup my EIN.
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11-29-2019
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Activity: 61% Longevity: 91% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
Just for future reference, this is why we keep saying use multiple accounts so yu don't break the treshold. the pros outweighs the cons with this method
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11-29-2019
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Activity: 0% Longevity: 55% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
Yeah I know. It's just the operating costs are higher.
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11-29-2019
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Activity: 0% Longevity: 51% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
Trying to use multiple accounts to permanently stay under the threshold isn't really viable anymore if you're trying to make a living off of this. Tax limits not resetting anymore + "claim it" have made it almost pointless.
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Last edited by phaz0rz; 11-30-2019 at 08:34 AM.
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11-29-2019
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Activity: 0% Longevity: 55% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by phaz0rz Trying to use multiple accounts to permanently stay under the threshold isn't really viable anymore if you're trying to make a living off of this, anyway. Tax limits not resetting anymore + "claim it" have made it almost pointless. | Why is it not viable?
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11-29-2019
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Activity: 0% Longevity: 65% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
How difficult is it to have multiple accounts on managed payments?
With real info I am clueless as how to be successful at operating more than one account with managed payments without more fees being paid for llc etc.
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11-29-2019
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Activity: 0% Longevity: 62% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by Lucynda Why is it not viable? | For a lot of us, we sell hundreds of items a day. For lots of us we sell tens of thousands of dollars a week. I for one would need to run hundreds of accounts congruently to stay under the threshold.
That is not realistic anymore. The few who keep saying this dont sell much or are not in the USA and most likely a combination of both.
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11-29-2019
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Activity: 0% Longevity: 62% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by leighanns520 How difficult is it to have multiple accounts on managed payments?
With real info I am clueless as how to be successful at operating more than one account with managed payments without more fees being paid for llc etc. | How many social security numbers do you have? It is quite literally that difficult for most people. Every account needs a social when signing up.
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11-29-2019
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Activity: 0% Longevity: 55% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by yankee How many social security numbers do you have? It is quite literally that difficult for most people. Every account needs a social when signing up. | I didn't need a social when I set mine up, just a ⊗⊗⊗⊗ last 4 and an EIN, just like paypal used to be.
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11-30-2019
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Activity: 0% Longevity: 51% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by Lucynda Why is it not viable? |
Adding onto what yankee said.. having to open up 3-4 new bank accounts every week is time consuming and probably woudln't work after a certain point.
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11-30-2019
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Activity: 0% Longevity: 62% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by Lucynda I didn't need a social when I set mine up, just a ⊗⊗⊗⊗ last 4 and an EIN, just like paypal used to be. | That is why I said for most of us. In all reality, the SS number is irrelevant but try to explain that on here and you will get a migraine and an overly full inbox full of redundant questions from strangers that you really have no idea if they are responsible enough to have such information. | The Following 3 Users Say Thank You to yankee For This Useful Post: | |
11-30-2019
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Activity: 86% Longevity: 36% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by Lucynda I didn't need a social when I set mine up, just a ⊗⊗⊗⊗ last 4 and an EIN, just like paypal used to be. | Paypal has been insisting with single ownership,it wants the SSN ,with multiple partners,SSN of 25% ownership of at least one partner.
Would Ayden do the same in the future?
Paypal did not make this up,so Ayden may have to comply as well
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11-30-2019
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Activity: 86% Longevity: 36% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by phaz0rz Adding onto what yankee said.. having to open up 3-4 new bank accounts every week is time consuming and probably woudln't work after a certain point. | you can go crazy with too many accounts-ebay,amzn,banks,paypal,ayden.
It is a shame they wont let us use our own merchant account for all our online selling.
Do you know in a brick and mortar antique mall,indivdual storeowners can use the merchant account of the mall operator and if you are not around,the operator can accept offers like 10% discount.
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11-30-2019
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Activity: 0% Longevity: 40% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc Quote:
Originally Posted by SaiJin Just for future reference, this is why we keep saying use multiple accounts so yu don't break the treshold. the pros outweighs the cons with this method | Maybe if you're a beginner, or just trying to supplement your already-existing income.
For someone wanting to make real money, that method is more than likely going to be the worst option.
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11-30-2019
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Activity: 86% Longevity: 36% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
you could end up with zillions of accounts.
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11-30-2019
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Activity: 0% Longevity: 55% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
I definitely don't want a zillion accounts. I'm thinking about trying some new things for income anyway. Things that don't require all this stealth crap. I always planned on investing in real estate (buy the worse house on the black strategy) and having a passive income in rental properties, but life keeps getting in the way. A normal job isn't possible in my situation.
I could do very well income-wise on 10 accounts kept under the 20k reporting limit. Maybe 10 active 10 backup while i try to replace the income.
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11-30-2019
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Activity: 86% Longevity: 36% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
rental properties could be a good investment,many graduates cant afford a home,so they are either with parents or renting.
Charles Schwab after taking over Ameritrade is planning to move to TX,lower tax and cheaper cost of living,TX has no income tax.
10 active,10 backup,you need to do this every year? or every 3.6.9 months?
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12-01-2019
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Activity: 0% Longevity: 55% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
My current plan on the action is 10 accounts that will stay under the 20 k reporting limit on eBays managed payments and 10 for backups. If Managed Payments isn't reporting the income I won't have that problem. Right now I have 2 big eBay accounts well over the reporting mark. One is on managed payments and one is about to be. The old burned PayPal on the one with managed payments is the one I got hit with the mismatched IRS thing. That now has me wondering if the same will happen with Managed Payments. It hasn't happened yet and it might not happen. My amazon account is set up the same way and I haven't had any problems with it. It's 6 years old now. My biggest concern is that it happened at all and how to fix it.
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02-10-2020
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Activity: 0% Longevity: 48% | | Re: A combination of your name and Taxpayer Identification Number (TIN) does not matc
Are your MP accounts stealth? If so what info do you use for bank info?
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