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In this tutorial, 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, akin to a social security number for businesses, is a tax identification number used by various business entities like sole proprietorships, LLCs, or corporations. It’s important to close your EIN to avoid future filings, payments, or taxes after the business has ceased operations. Additionally, closing the EIN helps prevent potential fraud that could occur if accounts remain active.