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stealth name on 1099 form
- Thread starter halotrial
- Start date
PitneyBlowes
Newbie
- Aug 2, 2014
- 11
- 1
How bad is it to get this?
I have an EIN on the account but it's under sole prop and I've read that 1099k's received are still under the stealth name. How screwed will I be? lol
That income will be reported for the EIN you used. How and why would you even go to the trouble of doing so without even understanding 1099 and the new policies? A little late to the party there darling.
That income will be reported for the EIN you used. How and why would you even go to the trouble of doing so without even understanding 1099 and the new policies? A little late to the party there darling.
Thanks!
I wasn't clear on whether or not being a sole prop changed the way they reported it even if I provided an EIN.
PitneyBlowes
Newbie
- Aug 2, 2014
- 11
- 1
Thanks!
I wasn't clear on whether or not being a sole prop changed the way they reported it even if I provided an EIN.
EIN is the best route if you plan on running a good business. Just understand that it's no different than applying an SSN and passing the $20K/200 item sales limit. It just allows you to get solid accounts going without being linked to old banned accounts. So, just be ready to make the necessary tax filings, deductions, etc when PP sends you the form in January 2015.