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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 for a business, similar to a social security number for individuals, and can be obtained by various business structures, including sole proprietorships, LLCs, and corporations. It is essential to close the EIN to avoid future filings, payments, or taxes associated with a non-existent business. Additionally, closing the EIN can help prevent potential fraud that could occur if accounts remain open.
