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Lyft LLC Tax Payout

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thepkrience
2 Driver
 Posted 1 year, 2 months ago

Hello, I am reaching out for some help. Earlier this year I created my LLC to put on my Lyft Driver app. I created the LLC with my state, applied for an EIN with the IRS and was given the 147C form after application. I have entered in all of my new business information in the Lyft Payout Section on the Dashboard. I received an error that "they are unable to verify the tax data, check back or contact lyft support." I have contacted Lyft support and supplied them with an SS-4 form and the 147C form from the IRS. At the time they were still unable to verify my tax information with their third party processor. 

I have entered, reentered and triple checked that the information I have input into the Payout section is correct. I am curious if the reason they are unable to verify the Tax Information is because it was only started a couple of weeks ago.

What is your advice in this scenario?

Also, I am now aware that Lyft doesn't deposit payments into a business account, how do I deposit funds into a business account? Would I create a regular checking account in my name rather than my business name and transfer my Lyft payments from the regular checking account into the business account.


I appreciate your support and would be grateful if you were able to help at all.


Thank you


Comments

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    Emilian
    Driver
     6 months ago  (edited 6 months ago)

    Regarding the problem with verifying your tax information, it's possible that the recent establishment of your LLC might be a factor. It can take some time for information to be updated in various systems, and this could be causing the verification issues with Lyft's third-party processor. It's good that you've already provided them with the SS-4 and 147C forms, which should help in the verification process.

    One more option is this guide: https://consumerattorneys.com/article/how-to-reactivate-your-lyft-account

    As for depositing your Lyft payments into a business account, you might consider opening a regular checking account in your name and then transferring the funds from that account into your business account. Many small business owners follow this approach, as some platforms like Lyft may not directly deposit into business accounts. Just make sure to keep clear records of these transfers for your tax and accounting purposes.

    I would also recommend staying in touch wi…

    Read more...

    Regarding the problem with verifying your tax information, it's possible that the recent establishment of your LLC might be a factor. It can take some time for information to be updated in various systems, and this could be causing the verification issues with Lyft's third-party processor. It's good that you've already provided them with the SS-4 and 147C forms, which should help in the verification process.

    One more option is this guide: https://consumerattorneys.com/article/how-to-reactivate-your-lyft-account

    As for depositing your Lyft payments into a business account, you might consider opening a regular checking account in your name and then transferring the funds from that account into your business account. Many small business owners follow this approach, as some platforms like Lyft may not directly deposit into business accounts. Just make sure to keep clear records of these transfers for your tax and accounting purposes.

    I would also recommend staying in touch with Lyft support to check on the progress of your verification. Sometimes, these issues can be resolved with a bit of time and persistence. It's frustrating, but it's good that you're actively working to resolve it.

    I hope this helps, and I wish you the best of luck with your LLC and Lyft driving. If you have any more questions or need further assistance, feel free to ask.

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