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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, akin to a social security number for individuals, and can be assigned to various business structures, such as sole proprietorships, LLCs, or corporations. It's important to close the EIN to avoid future filings, payments, or taxes tied to a non-existent business. Additionally, closing the EIN can help prevent potential fraud by ensuring no open accounts remain that could be exploited.