MP 1099-k Question

[vettefever17]

Does managed payments send the 1099k in the beneficial holder's tax id or the EIN?

I'm also curious if the IRS cares if the name on the 1099-k is different if the EIN is paying the tax.

[hercules2]

Originally Posted by vettefever17

Does managed payments send the 1099k in the beneficial holder's tax id or the EIN?

I'm also curious if the IRS cares if the name on the 1099-k is different if the EIN is paying the tax.

All of what you ask doesn't matter because if anything doesn't match down the line either Adyen or IRS or MP's gets wind of your serious fraud attempt,
YOUR BANK ACCT links you to prison for some fantasy stealth trick. Using another person's bank will be the second charge.

[yankee]

Originally Posted by hercules2

All of what you ask doesn't matter because if anything doesn't match down the line either Adyen or IRS or MP's gets wind of your serious fraud attempt,
YOUR BANK ACCT links you to prison for some fantasy stealth trick. Using another person's bank will be the second charge.

LOL You clearly have no idea what he is asking OR you have no idea what you are talking about.

[yankee]

Originally Posted by vettefever17

Does managed payments send the 1099k in the beneficial holder's tax id or the EIN?

I'm also curious if the IRS cares if the name on the 1099-k is different if the EIN is paying the tax.

If you upgraded to a business and supplied an EIN, then it will be issued to that only.

Names on a 1099k are irrelevant. The IRS doesn't even do anything with them and not a single place to add it to your tax forms either.

[hercules2]

Originally Posted by yankee

If you upgraded to a business and supplied an EIN, then it will be issued to that only.

Names on a 1099k are irrelevant. The IRS doesn't even do anything with them and not a single place to add it to your tax forms either.

So when you form the LLC the IRS website (I get them their) rejects names that are exactly as someone's business name. That means they keep it forever in their database until you close the LLC, or they keep it maybe forever.

So using a different LLC name when upgrading to business is OK but using an EIN/LLC number from another is OK? i don't think so.

So Adyen only registers or collects the LLC/EIN number to report sales to the IRS. i don't think so.

It would be great if that were the case for 2 or 3 MP accounts (selling diapers on one, selling jewelry on another acct. etc

[phaz0rz]

I can't even make heads or tails of what you're trying to say.

If you registered as a business the 1099K will have your EIN. Simple as.. end of story.

[Aguero]

How is the eBay tax reporting works in the US ? Is there minimum amount of sales ? All US sellers are obligated to provide their SSN number to eBay, correct ?

[phaz0rz]

Currently the same as it was with Paypal. Nothing gets reported unless you cross $20k in sales and 200 transactions. It's allegedly changing from 200 to 1 transaction next year so maybe that's why eBay is already asking for SSN on registration. Either that or they're just trying to make sure real people are registering.

[agent006140]

Uncle Sam knows more about you than your SSN.
If you are ever audited ,your IRS auditor will be matched to your ethnic background,interest,age,sex etc,as much as they know about you.

[Aguero]

Originally Posted by phaz0rz

Currently the same as it was with Paypal. Nothing gets reported unless you cross $20k in sales and 200 transactions. It's allegedly changing from 200 to 1 transaction next year so maybe that's why eBay is already asking for SSN on registration. Either that or they're just trying to make sure real people are registering.

Thank you, again.

Just 1 transaction per year sounds crazy.

[hercules2]

Originally Posted by phaz0rz

I can't even make heads or tails of what you're trying to say.

If you registered as a business the 1099K will have your EIN. Simple as.. end of story.

The thread question was asking if you could have a different LLC name with a LLC number of a different LLC...I say no
Example: ARS Bistro LLC - 604353383
Erwin Developments LLC- 604353383 = no

[agent006140]

we all need a stronger cup of coffee

[hercules2]

Originally Posted by agent006140

we all need a stronger cup of coffee

I guess I read the question wrong in my mind's perception of it.

[yankee]

Originally Posted by Aguero

Thank you, again.

Just 1 transaction per year sounds crazy.

It is actually $600 in any amount of transactions. Could be one single item or 100 $6.00 items from what I understand.

[yankee]

Originally Posted by hercules2

The thread question was asking if you could have a different LLC name with a LLC number of a different LLC...I say no
Example: ARS Bistro LLC - 604353383
Erwin Developments LLC- 604353383 = no

That isnt what he was saying. He was asking if the owner of account with SS number or the EIN of business would get a 1099k

That is all he was asking.

[vettefever17]

Sorry for the confusion, guys. This actually all came about when I was arranging accounts for the future $600 requirement change.

I actually answered my question after posting this thread when I thought to look at my MP 1099 from this year. As long as you enter the EIN, that is who is paying the tax in regards to the IRS. It does not matter if the address on the 1099 is off. (this could easily be explained to the IRS as clerical because on their end they have the owner of the taxes address with EIN) I went down the wormhole in checking myself legally with taxes in thinking maybe the back end ssn (beneficial owner) social security number was on the 1099. (I tend to get extremely thorough with taxes, being an accountant myself)

Also, fun fact. If you have an S-corp or multi-member llc and the taxes are filed in the wrong name, you can actually document and claim the errored 1099 through certan entries when filing taxes and notation in the forms.

[agent006140]

IRS is all screwed up,rumors had it that it has 34 million returns not yet processed.
USPS is not even scanning the mail it brought to IRS office