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In this tutorial, attorney Elizabeth Potts Weinstein discusses how to close or cancel 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, including sole proprietorships, LLCs, and corporations. Closing your EIN is important to prevent any future tax filings, payments, or liabilities that could arise even after the business is closed. Additionally, this action helps safeguard against potential fraud that could occur if accounts remain open. The process ensures that your business is fully and properly dissolved.
