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In this video, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN serves as a tax identification number for a business, similar to a social security number for individuals, and can be issued to sole proprietorships, LLCs, or corporations. As businesses close, it’s important to properly terminate the EIN to avoid future tax filings, payments, or potential fraud that could occur if accounts remain active. Ensuring everything is closed prevents issues from arising even after the business has ceased operations.
