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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. An EIN serves as a tax identification number, similar to a Social Security number for individuals, and can be obtained by various business structures, including sole proprietorships, LLCs, or corporations. It's important to close the EIN to avoid any future tax filings, payments, or obligations associated with the business, which no longer exists. Additionally, closing accounts can help prevent potential fraud by ensuring that there are no active accounts that could be exploited.
