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Old 06-02-2015, 02:04 PM
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Question Escrow Accounts And Related Tax

I am starting an online company and I will be using the paypal account as an escrow to hold funds while jobs are being completed, then releasing the funds once the job is completed. I then will take a small percentage (11% to 22%) of the escrow amount as my commission.

My concern is that at year-end, PayPal will send me a 1099 saying I've earned a much larger amount (the total job amounts), rather than my actual earning of the 11% to 22% commission.

Since I intend to use this as an escrow account, what can we do to ensure that at year-end I will only get 1099 for what I actually earn as a business? Your help is greatly appreciated.



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