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Old 10-02-2013, 02:13 AM
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1099k and paypal contact name

Here is my question. I have a paypal business account. It is a Sole Proprietorship.

All my business info was put in as well as my ein.

Here is my question. The contact name is not mine but all the business info is.

It has passed the IRS verification but from what I have read on a Sole Proprietorship is that they send the 1099K to the contact name on file not the business name.

So is this going to cause me a problem come tax time?



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Old 10-03-2013, 12:47 AM
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Join Date: Oct 2010
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Quote:
Originally Posted by ghostryder72 View Post
Here is my question. The contact name is not mine but all the business info is.

It has passed the IRS verification but from what I have read on a Sole Proprietorship is that they send the 1099K to the contact name on file not the business name.

So is this going to cause me a problem come tax time?
In general, 1099K will be sent to the address where yu receive your normal mail correspondence. 1099K will only be sent to sellers who processed over $20K in goods and services sales and completed 200 transactions.The person with the contact name may receive a letter from the IRS asking that he explains why he did not report the 1099-K information, but he should really has no difficulty in demonstrating that it is an error and that he is not responsible for the taxes. This sort of thing happens with respect to a 1099-misc that is in one name when it ought to have been for several different people, and there is no difficulty in dealing with the problem. You may want to preemptively contact your local IRS office to make them aware of the issue and ask for their advice.



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