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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 types, similar to a social security number for individuals. It’s essential to close the EIN to avoid future filings, payments, or taxes related to a business that no longer exists. This closure also helps prevent potential fraud that could arise if accounts remain open. Overall, handling the EIN is a crucial part of the business shutdown process.