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In this tutorial, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down a business. She explains that an EIN serves as a tax identification number for businesses, similar to a social security number for individuals, applicable to sole proprietorships, LLCs, or corporations. It is important to properly close your EIN to avoid any impending filings, payments, or taxes, and to prevent potential fraud. Leaving accounts open can expose you to identity theft or fraudulent activities.
