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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your EIN (Employer Identification Number) with the IRS when shutting down your business. The EIN serves as a tax identification number for your business, akin to a social security number for individuals. It's essential to close your EIN to prevent future filings, payments, or taxes from accruing after your business ceases to exist. Additionally, closing your EIN protects against potential fraud, as leaving accounts open could expose your business to risk. It's crucial for business owners to ensure all aspects of their business are properly closed.