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Attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) 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, similar to a social security number for individuals. It's important to close your EIN to avoid future tax obligations and filings after the business has ceased operations. Additionally, closing accounts helps prevent potential fraud, as leaving accounts open could enable unauthorized access and misuse.