How to Get an EIN Number in Dallas: The Top 5 Things to Consider
Understanding the EIN Process and Requirements for Businesses3 min read
Obtaining an Employer Identification Number (EIN) is a must-do task for many businesses, and understanding the process and its requirements can be daunting. Whether you’re a startup business or an established company based in Dallas, TX, having a trusted legal counsel is key to making sure you get the job done correctly. To get the most stress-free experience, here are five important things to consider while obtaining an EIN in Dallas.
First and foremost, you want to double-check that you’re eligible for an EIN. Generally, any business that has any employees, pays taxes, or is under the jurisdiction of the Internal Revenue Service (IRS) requires an EIN. This includes sole proprietorships, non-profits, corporate entities, and even estates of deceased persons. Though, for those who operate without any employees or pay any taxes (for example, small business owners like those running home-based businesses such as freelancers) and those who are Social Security Number (SSN) qualified, may not need an EIN.
Although the process of getting an EIN is largely digitized nowadays, it’s still crucial to select the right people to assist you with the application. In Dallas, working with reliable business lawyers can help make sure you meet all the legal requirements for obtaining an EIN. If you need legal assistance with the EIN process or advice regarding any compliance issues, you should look for the right set of lawyers that understand Dallas regulations, and UpCounsel is a great place to start. Here, entrepreneurs, small businesses and larger organizations can easily find experienced business lawyers ready to provide top-notch legal service to help every step of the way.
The third important step in getting an EIN number is knowing and complying with the right filing timetables. This is something you’ll want to be aware of when submitting the application, as different tax forms have different filing deadlines. Additionally, potential discrepancies between the deadlines may also be an issue, and thus, having a professional look at your filing and deadlines is highly encouraged.
Another important factor to consider is keeping your EIN current and up to date, especially since the EIN is one of the many elements necessary for various tax purposes. Furthermore, the IRS offers some protection by giving taxpayers up to five years to make changes that are backdated to the correct year’s tax return. But filing corrections, which affect the taxpayer’s EIN, should still be done in a timely manner as it applies to the right year to ensure accuracy.
Lastly, your EIN number is something you want to keep safe. There have been recent reports of EIN phishing schemes targeting businesses. Once foreign entities have access to a business’s taxpayer identification number, it can be used to open bank accounts, fraudulently receive services, property, and even file false tax returns. Physically safeguarding all records that contain a company’s EIN number is one way to protect yourself. Online safety is also essential. That is why only reliable and legitimate websites should be used when gathering information related to your EIN, and professional legal advice might be useful if you have concerns or need help filing taxes.
In summary, obtaining an EIN is an important step to take when starting or maintaining a business. But like many other processes that need to be done, having the right team of legal professionals in Dallas, TX backing up your endeavor can take all the hassle out. Starting from the basics like eligibility, filing timetables, legal advice, and online security, and building a reliable team of experienced lawyers is key for navigating the EIN process stress-free. If you’re looking for help in understanding how to get a EIN number in Dallas, UpCounsel can provide you with a wide range of experienced attorneys who can provide quality legal advice and relieve your worries with the EIN process.