Will PayPal send a 1099-K for my foreign-owned LLC business account?
I have a PayPal business account linked to my foreign-owned LLC (Wyoming). I'm from Mexico and I use PayPal to receive payments from U.S. clients for freelance design work and some product sales. I submitted a W-8BEN-E when setting up the account.
PayPal keeps showing warnings about tax reporting thresholds. Last year I received about $35,000 through PayPal. Am I going to get a 1099-K? And if I do, what do I need to do with it?
I already file Form 5472 every year, but I'm confused about whether I need to file an income tax return too.
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