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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 for various business structures, such as sole proprietorships, LLCs, or corporations. It's essential to officially close your EIN to avoid future filings, payments, or taxes associated with a non-existent business. Additionally, closing your EIN helps prevent potential fraud, as leaving accounts open may make it easier for someone to misuse your business identity.