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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 various business structures, such as sole proprietorships, LLCs, or corporations. It’s important to close the EIN to prevent ongoing tax filings, payments, or liabilities after the business ceases operations. Closing the EIN also helps prevent potential fraud by ensuring that accounts are not left open, which could be exploited by someone else.