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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 for businesses, similar to a social security number for individuals. Properly closing the EIN is important to avoid future filings, payments, and taxes, even after the business ceases operations. Additionally, closing the EIN helps prevent potential fraud by eliminating open accounts that could be exploited. This process is essential for ensuring a complete and secure business closure.