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In this tutorial, 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 business's tax identification number, similar to a social security number for individuals, applicable to sole proprietorships, LLCs, or corporations. As part of the business closure process, it's essential to properly close your EIN to avoid future filings, payments, or taxes and to mitigate the risk of fraud. Keeping accounts open can lead to potential misuse by others.
