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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 serves as the tax identification number for various business structures, similar to a Social Security number for individuals. Closing your EIN is essential to eliminate future filings, payments, or tax obligations linked to your business. It also helps prevent potential fraud by ensuring that open accounts are not left vulnerable after the business has ceased operations.
