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In this video, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN serves as a tax identification number, similar to a social security number for individuals, and can be assigned to various business structures like sole proprietorships, LLCs, or corporations. It is important to formally close the EIN to avoid any future filing requirements, payments, or taxes associated with a non-existent business. Additionally, closing the EIN helps prevent potential fraud that could occur if accounts remain open.
