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In this video, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) 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. She emphasizes the importance of closing your EIN to avoid future filings, payments, or taxes due after the business has ceased operations. Additionally, closing your EIN helps prevent potential fraud, as leaving accounts open might allow others to exploit the situation. Taking these steps ensures that all business matters are properly resolved.
