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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 functions as a tax identification number for various business entities, similar to a social security number for individuals. It is essential to close your EIN to avoid future filings, payments, or taxes related to a business that no longer exists. Additionally, closing the EIN can help prevent potential fraud, as keeping accounts open may lead to unauthorized use of the information. The tutorial provides guidance on ensuring all necessary steps are taken for a smooth closure.