SSN on Bussiness Account

CM2017
Contributor
Contributor

So i want to use this store named Grailed to sell clothe! but i need to connecet a paypal bussiness account. When i do it asks for my social security number! What happens if i put my social security number will they send my information to the IRS?

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Whac-A-Mole
Frequent Advisor
Frequent Advisor

if you collect $20k AND 200 transactions,1099 will be sent to you and IRS.

if you are being audited by IRS,whether you get a 1099 or not,IRS could ask to see all your activities in your Paypal account,your bank statements for 2 years,credit card statements ,vendor invoices,sales slip ,review your physical inventory,check your car mileage etc etc   

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Whac-A-Mole
Frequent Advisor
Frequent Advisor

if you collect $20k AND 200 transactions,1099 will be sent to you and IRS.

if you are being audited by IRS,whether you get a 1099 or not,IRS could ask to see all your activities in your Paypal account,your bank statements for 2 years,credit card statements ,vendor invoices,sales slip ,review your physical inventory,check your car mileage etc etc   

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CM2017
Contributor
Contributor

Thanks for replying! but what if i dont make 20k will they check? like i want to re sell clothe but i dont think i will get 20k. and how much is the 20k mark at like per month? year? or when in total?

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Kittycat19
New Community Member
Help me about this
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