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In this tutorial, attorney Elizabeth Potts Weinstein explains the process of closing or canceling an Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN functions as a tax identification number for businesses, akin to a social security number for individuals. It's essential to address the EIN to avoid future tax filings, payments, or obligations after the business ceases operations. Additionally, closing the EIN helps prevent potential fraud by ensuring that there are no open accounts that could be exploited. The video serves as a guide for business owners navigating this important administrative step.
