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In this video, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down a business. She explains that an EIN is a tax identification number for a business, similar to a Social Security number for individuals, and is applicable to sole proprietorships, LLCs, and corporations. Closing the EIN is essential to avoid future filings, payments, or taxes linked to a non-existent business, and it also helps prevent potential fraud that could occur if accounts remain open. The video outlines the importance of addressing this step in the business closure process.
