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In this tutorial, 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, akin to a social security number for individuals, and is necessary for various business structures, including sole proprietorships, LLCs, and corporations. It's important to close your EIN to avoid future filings, payments, or taxes due even after the business ceases to exist. Additionally, closing the EIN helps prevent potential fraud by ensuring that there are no open accounts that could be exploited.
