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In this tutorial, attorney Elizabeth Potts Weinstein discusses how to close or cancel your Employer Identification Number (EIN) with the IRS when shutting down your business. An EIN is a tax identification number for businesses, similar to a social security number for individuals. Whether you have a sole proprietorship, LLC, or corporation, it’s essential to close your EIN to prevent ongoing filings, payments, and tax obligations after the business ceases to exist. Closing the EIN also helps prevent potential fraud by ensuring that no open accounts can be exploited. This process is an important step in your business shutdown checklist.