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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 your business. The EIN is essentially a tax identification number for entities like sole proprietorships, LLCs, or corporations, akin to a social security number for individuals. It's essential to close your EIN to avoid future filings, payments, and taxes after your business ceases operations. Additionally, closing your EIN helps prevent potential fraud that could arise from leaving accounts open, which could be exploited by individuals with malicious intent.