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In this tutorial, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an 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 sole proprietorships, LLCs, or corporations. Closing your EIN is essential to prevent future tax filings, payments, or obligations and to minimize the risk of fraud that can occur if accounts remain open. The tutorial emphasizes the importance of properly addressing your EIN during business dissolution to ensure all legal matters are settled.
