Stealth eBay info to business?

[Hooki]

Stealth account I bought has an SSN attached and wanting to upgrade to business that to a LLC owned by me. Is this possible? Does the EIN or LLC have to match the name/SSN on the current ebay or can I make the LLC (real info) and just switch from personal to business? I want the statements to be reported for EIN/LLC as opposed to the SSN.

Thank you for your input it is highly appreciated.

[rsot]

EIN has been reported by users here as the way to go

[Hooki]

Originally Posted by rsot

EIN has been reported by users here as the way to go

Can EIN be under real info and not the stealth?

[Gotya108]

Originally Posted by Hooki

Can EIN be under real info and not the stealth?

Your EIN has to be under the real info of someone who has signing authority for the LLC. If its a single member LLC then Adyen is going to still use your SSN for the 1099-K as the IRS requires 1099-K`s of single member LLC`s to be reported using the owners SSN not EIN unless they`ve elected to be taxed as an S-corp.

[yankee]

Go with a s-corp and upgrade your account. End of story and your CPA will have something to work with.

Originally Posted by Hooki

Can EIN be under real info and not the stealth?

Yes, this is how it should be

[SaiJin]

Originally Posted by Hooki

Can EIN be under real info and not the stealth?

In order to get EIN it has to be in real info in the first place.

[LEARNINGONLY]

Originally Posted by yankee

Go with a s-corp and upgrade your account. End of story and your CPA will have something to work with.

Can you expand on why it should be s-corp and not single member LLC business account on Ebay? Don't both just get 1099ks from ebay in ein/LLC?

[LEARNINGONLY]

Originally Posted by Gotya108

Your EIN has to be under the real info of someone who has signing authority for the LLC. If its a single member LLC then Adyen is going to still use your SSN for the 1099-K as the IRS requires 1099-K`s of single member LLC`s to be reported using the owners SSN not EIN unless they`ve elected to be taxed as an S-corp.

How come you're the only one who says this. yankee can you chime in on this???

[LEARNINGONLY]

Originally Posted by SaiJin

In order to get EIN it has to be in real info in the first place.

Does Gotya108 have a point? Can you verify what he just said ^^

[LEARNINGONLY]

Originally Posted by Gotya108

Your EIN has to be under the real info of someone who has signing authority for the LLC. If its a single member LLC then Adyen is going to still use your SSN for the 1099-K as the IRS requires 1099-K`s of single member LLC`s to be reported using the owners SSN not EIN unless they`ve elected to be taxed as an S-corp.

Gotya - But my business smLLC account on ebay got a 1099k and only the EIN/LLC name were on the 1099k I didn't see my ssn at all listed on it???

[goldfish]

https://www.irs.gov/businesses/small...lity-companies

A few people have already had 1099k for a business eBay account with single member llc go to ssn on file

Llc is a disregarded entity & must use its owners ssn for most tax reporting purposes according to link

Llc needs ein for certain thing like if it has employees or if it has to file excise tax form

Basically if you are single member llc
Whether they give you 1099k under ssn or ein
It’s not gonna effect you
You will file your schedule c either way (which is a form inside your 1040 )

If you are a corp
The 1099k has to go to the s corp / c corp
Based on that the corp files it’s taxes form 1120
& after that in case of s corp profit flows to the one or more owners via form k1 which they will use to file their 1040 personal taxes

[yankee]

Originally Posted by LEARNINGONLY

Can you expand on why it should be s-corp and not single member LLC business account on Ebay? Don't both just get 1099ks from ebay in ein/LLC?

TAX RATE first and foremost.

Single member LLC get raped in taxes.

[purposeremo]

Originally Posted by yankee

TAX RATE first and foremost.

Single member LLC get raped in taxes.

Is it okay on Ebay with someone's ssn but your own EIN/LLC. Can having someone else's SSN/dob/name on ebay cause a problem as long as the 1099k is filed with your own EIN/LLC?

[blanksie]

Originally Posted by LEARNINGONLY

Can you expand on why it should be s-corp and not single member LLC business account on Ebay? Don't both just get 1099ks from ebay in ein/LLC?

My 2021 1099's are LLC and show my name, Full EIN, and last 4 digits of SSN.

Looks like S Corp is the way to go, despite the initial hassle.

[Hooki]

Thank you to all who have contributed to my post. Highly appreciated. May God bless you and prosper in your business endeavors.

[Hooki]

Originally Posted by yankee

Go with a s-corp and upgrade your account. End of story and your CPA will have something to work with.

Regarding timing upgrade...does it immediately start reporting to the S Corp or do I have to upgrade before new tax year? Hypothetically speaking, upgrading late December.

Thank you.

[Parkzo]

Originally Posted by Gotya108

Your EIN has to be under the real info of someone who has signing authority for the LLC. If its a single member LLC then Adyen is going to still use your SSN for the 1099-K as the IRS requires 1099-K`s of single member LLC`s to be reported using the owners SSN not EIN unless they`ve elected to be taxed as an S-corp.

Is this an IRS change for 2022?

My 1099-K's for 2021 only show LLC name and LLC EIN. No mention of my name or ITIN. They are all single member LLC's.

Did anyone get a 1099-K that shows their name and SSN/ITIN instead of the LLC name / EIN?

[yankee]

Originally Posted by Hooki

Regarding timing upgrade...does it immediately start reporting to the S Corp or do I have to upgrade before new tax year? Hypothetically speaking, upgrading late December.

Thank you.

Must do it by last day in December. I typically do it around Christmas. The 1099k will go to your corp for the entire year.