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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. An EIN serves as a tax identification number for businesses, similar to a social security number for individuals. As part of the business closure process, it's essential to address your EIN to avoid future filings, payments, or taxes due after the business ceases to exist. Closing your EIN also helps prevent potential fraud, as keeping accounts open could allow someone to misuse the information. The video provides guidance on how to manage this essential step when winding down operations.
