Comments on: A 1099-K Notification from PayPal Alerts Seller to Unanticipated Problem

By: 51st State

51st State — Tue, 27 Sep 2022 01:49:44 +0000

Since I first began using PP it’s been disheartening because there doesn’t seem to be a way to distinguish between payments or income. All PP seems to know is “money in” and “money out.” They lump personal and business transactions into one single “account.” To be absolutely safe I would agree with DTSM, it’s better to have two separate accounts. That of course depends on whether PP will allow one individual to do so.

The only other thought I can think of is if there would be some way to code each transaction to apply to Business A or Business B, so that you could sort the PP total financial report into the correct business, once you got the information into a spreadsheet. I do not know whether PP will generate separate financial reports for different emails (if the businesses have emails that are different from each other and are both registered with PP). I haven’t ever tried, but that might be a possibility.

By: brotherc20

brotherc20 — Sun, 25 Sep 2022 11:55:16 +0000

Don’t count on it. I know poor people the IRS has went after for not that much money (under $500). The Dems need all the tax money they can get to spend on their agendas! This $600 threshold was the start and now hiring 87k more IRS agents will accomplish their goal.

By: 4yourinfo

4yourinfo — Fri, 23 Sep 2022 04:04:10 +0000

When you file I would just have the business write off some kind of expense to the other business and the other business can now claim that money as income. Looks like the writer is dealing with small $, I don’t think the IRS will be scrutinizing his businesses..

By: DTSM

DTSM — Thu, 22 Sep 2022 12:12:51 +0000

While I am sympathetic to the reader on this issue, the business owner really needs to have two PayPal accounts one for each business entity. This is no different than comingling funds in a business bank account which also the IRS frowns upon. This is not really a PayPal problem but a business owner problem.