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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. She explains that an EIN serves as a tax identification number for different business structures, such as sole proprietorships, LLCs, or corporations, similar to a social security number for individuals. It's important to formally close your EIN to avoid future tax filings, payments, or potential fraud, as inactive accounts could be exploited. Properly closing your EIN is a step toward ensuring complete dissolution of your business and safeguarding against unauthorized use.
