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In this tutorial, 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 akin to a social security number for individuals, applicable for various business structures such as sole proprietorships, LLCs, or corporations. It’s essential to close the EIN to avoid future filings, payments, or taxes, even after the business has ceased operations. Additionally, closing the EIN helps prevent potential fraud by eliminating open accounts that could be exploited.
