How will the Amended 1099-k provided by PayPal be reported to IRS? will PayPal report it or should I do it for filing Form 1065. If I need to do, how will I do it ?

savasasa · ‎March 9, 2022

PayPal gave me 1099k on my name and SSN instead of my business name and EIN. Now they are going to send me an updated on with EIN. I want to know if this update will be reported to IRS. I’m Waiting for filing form 1065 and I’m not sure if I need to anything from my end to report this change to IRS.

AliciaP1 · ‎March 9, 2022

If you have reported on your Form 1065 all the income associated with the 1099-K, you are good to file. If the IRS inquires regarding the difference, you can show that you included the income appropriately on the return in the first place.

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savasasa · ‎March 9, 2022

That’s great!! Thank you very much for your quick response.

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How will the Amended 1099-k provided by PayPal be reported to IRS? will PayPal report it or should I do it for filing Form 1065. If I need to do, how will I do it ?