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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 for various business structures, including sole proprietorships, LLCs, and corporations. It's crucial to address the EIN during the business closure to avoid any future filings, payments, or taxes that could arise even after the business ceases operations. Additionally, closing the EIN helps prevent the potential for identity theft or fraud, as leaving accounts open may expose them to unauthorized use.
