Please help! Seeking Expert Assistance to Clarify Financial Transactions Linked Between Blog Donations and PayPal??

[lory]

I need to find a service or a person who can help me make my revenue from PayPal, which comes from a blog where I have received donations, visible. The tax authorities are after me and won't approve the income as sales because they can't see that the money that has entered my bank account comes from sales on my blog.

The process has been foolish. I've used my personal PayPal account to receive the money from customers, from there it was moved over to my business PayPal account in "lumps," and from there it went into my bank account.

On my blog, there is a payment log, where one can correlate the PayPal transaction made by the customer with the donation on the blog; there's a payment ID—so the connection between PayPal and the blog can easily be made.

There are about 1000 transactions that need to be fully visualized, and the accountant has no idea how to arrange it!!! Who or which company does one use for this? Or what does one do?

 

[daniels27]

I need to find a service or a person who can help me make my revenue from PayPal, which comes from a blog where I have received donations, visible. The tax authorities are after me and won't approve the income as sales because they can't see that the money that has entered my bank account comes from sales on my blog.

The process has been foolish. I've used my personal PayPal account to receive the money from customers, from there it was moved over to my business PayPal account in "lumps," and from there it went into my bank account.

On my blog, there is a payment log, where one can correlate the PayPal transaction made by the customer with the donation on the blog; there's a payment ID—so the connection between PayPal and the blog can easily be made.

There are about 1000 transactions that need to be fully visualized, and the accountant has no idea how to arrange it!!! Who or which company does one use for this? Or what does one do?

That would be a prime example where piercing the corporate veil indeed becomes a problem, in regards to my statement earlier:

US LLC + live in Thailand

@Marzio that all sounds doable, what about my question about reporting to passport country since I won't have tax returns or tax number in Thailand? I'm not sure how apart from a rental contract I would be able to prove residence if asked by EU taxman. USA is not doing CRS reporting, so they...

www.offshorecorptalk.com

What you have to do now, is to download all PayPal transactions from your personal PayPal account as cvs (and pdf). You can then hand this over to your accountant and he can then (hopefully) load the csv. Depending on the accounting software, he may also be able to connect it directly to your personal PayPal account.

Of course, this will be a huge mess, as you probably have personal payments to OF horses, you then need to declare those as personal etc.

 

[lory]

Thank you for your comment.

So you think it is an accounting firm that should do the task ?

I have ordered history from PayPal for both PayPal accounts involved. They promised to send it to me within the next 5 - 10 days.

It will be a CSV Excel file.

 

[daniels27]

Thank you for your comment.

So you think it is an accounting firm that should do the task ?

If you have one, yes. It not, it's your turn.

I have ordered history from PayPal for both PayPal accounts involved. They promised to send it to me within the next 5 - 10 days.

It will be a CSV Excel file.

You can (and always should) download those statements. They offer like two years online. Not having account statements is not good. @JohnLocke had to learn too

How to get PayPal statements from 2018 - 2020 from PayPal if account got closed - for tax office?

For documentation of transactions that include payments to one of our PayPal accounts, we need to have account statements. The tax authorities will not accept it if we do not present them when they are to be recorded as income in our company from that time. I have tried writing and calling...

www.offshorecorptalk.com

 

[JohnLocke]

Yeah indeed had some trouble. However, ask PayPal support and also call them. I start getting the transaction history now from PayPal in CSV format.

 

[daniels27]

Yeah indeed had some trouble. However, ask PayPal support and also call them. I start getting the transaction history now from PayPal in CSV format.

I recommend also getting the PDF on the business account. It shows the total fees for accounting purposes.

 

[lory]

What is that PDF you say, what do they call it?

 

[daniels27]

The PayPal business account has the option of monthly statements. Those are by calendar month and come in CSV and PDF. I recommend downloading them at least once per year. In Europe, most countries require you bookkeeping to use the individual transactions, so you are forced by it to do so. The US has a different concept of bookkeeping and some SME seem to get along just with 1099K forms.

 

[JohnLocke]

You should ask your accounting firm to help you with all this Paypal stuff. They will be the only one to convince the tax office.