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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. She explains that an EIN is a tax identification number, similar to a social security number for individuals, applicable to sole proprietorships, LLCs, or corporations. It's important to close your EIN to avoid any future filings, payments, or taxes associated with a non-existent business. Additionally, closing the EIN can help prevent potential fraud that could arise from leaving accounts open.
