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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN serves as a tax identification number for businesses, akin to a social security number for individuals. Whether obtained as a sole proprietorship, LLC, or corporation, it's essential to close the EIN to prevent any upcoming filings, payments, or taxes after the business ceases to exist. This closure also helps mitigate the risk of fraud, as leaving accounts open could allow unauthorized individuals to exploit the situation.
