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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. The EIN functions as a tax identification number for a business, similar to a social security number for individuals. When closing a business, it’s important to close your EIN to avoid future filings, payments, or taxes due, even after the business ceases to exist. Additionally, closing the EIN can help prevent fraud, as leaving accounts open could lead to unauthorized use or fraudulent activities.
