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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. She explains that an EIN serves as a tax identification number for a business, similar to a Social Security number for individuals. It's essential to close your EIN to avoid any future filings, payments, or taxes associated with a non-existent business. Additionally, closing your EIN helps prevent potential fraud, as open accounts could be exploited by others. This step is a crucial part of the business dissolution process.
