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In this tutorial, attorney Elizabeth Potts Weinstein explains 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 for various business types, such as sole proprietorships, LLCs, or corporations. It's important to close your EIN to avoid future tax filings, payments, or liabilities that could arise even after the business is dissolved. Additionally, closing your EIN helps prevent potential fraud by ensuring that there are no unnecessary open accounts that could be exploited.