We have recently been expanding our online sales business and would like to begin collecting Sales Tax in our nexus state. At the moment, we refuse to sell to our home state to avoid violating tax law as we were not sales tax registered previously. Following our sales tax registration, we would like to open an account to collect and hold sales tax for distribution to the state as requested. We would like to accomplish this by opening two paypal accounts. The first one is our primary payment account (this account), and we would like to open a second one such as "salestax at [our domain]". Sales Tax collected would be sent to and held in this account at the end of each business day to better help us manage our dispersements to the state. Is this allowed under PayPal's TOS?
You are allowed 2 PayPal accounts--1 personal and one business.
Funds from a sale will go into a single PayPal account as designated by the PayPal emails address. You can transfer funds to your bank when the funds are available; you can then spend as you wish to pay for supplies for remit sales tax collected funds.
You can't use PayPal split a payment and transfer to 2 seprate PayPal accounts.
or you can move sales tax $$ into a bank account ,you can link multiple bank account to your paypal account.
this is a better business practice,keep all sales tax collected in a special bank account and forward to the state,better record keeping for yourself and for state and IRS.
