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In this tutorial, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an EIN (Employer Identification Number) with the IRS when shutting down a business. An EIN serves as a tax identification number for various business structures, including sole proprietorships, LLCs, and corporations. As part of the business closure, it’s essential to close the EIN to avoid any future tax filings, payments, or obligations associated with an inactive entity. Additionally, closing the EIN helps prevent potential fraud that could occur if accounts remain open. This ensures that all business operations are properly finalized and secure.
