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In this video, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your EIN (Employer Identification Number) with the IRS when shutting down a business. An EIN serves as a tax identification number for businesses, similar to a social security number for individuals. It's important to close your EIN to avoid future filings, payments, or taxes that could accrue even after the business ceases to exist. Additionally, closing the EIN helps prevent potential fraud by eliminating the risk associated with leaving accounts open. Elizabeth emphasizes the need to complete this step as part of the business shutdown process.
