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:
https://www.offshorecorptalk.com/threads/us-llc-live-in-thailand.44753/page-5#post-301615
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
https://www.offshorecorptalk.com/th...t-got-closed-for-tax-office.44791/post-301629

 

[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.

 

[koohl]

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

They claim that they don't have account statements with the PayPal logo on! If you call their support they lie to you about what statements they can get and also hide behind fake names when e-mailing.

PayPal is a Zoo keeping the monkeys busy.

I'm so sick and tired of this company.

 

[daniels27]

They claim that they don't have account statements with the PayPal logo on! If you call their support they lie to you about what statements they can get and also hide behind fake names when e-mailing.

PayPal is a Zoo keeping the monkeys busy.

I'm so sick and tired of this company.

What country is it and is it personal or business account? You can normally find it under Acitvity > Reports > Monthly Reports (or similar, depending on the country). Please PM me if I do not answer.

 

[JohnLocke]

I can confirm they said the same to us, we are in some sort of similar situation. However, the last day we received the account statement with PayPal logo on. It is not a problem at all. It is their support that for some reason don't want to help with this sort of issues!