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The video discusses the procedures for canceling an EIN (Employer Identification Number) with the IRS. An EIN is a tax ID number assigned to businesses, trusts, estates, joint ventures, and charitable organizations. Once an EIN is assigned, it remains attached to that entity and is never reused or recycled. Therefore, it cannot be canceled. The only way to effectively "cancel" an EIN is by closing the business or entity it was assigned to.