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In this video, attorney Elizabeth Potts Weinstein discusses how to close or cancel your Employer Identification Number (EIN) with the IRS when shutting down your business. An EIN serves as a tax identification number, similar to a social security number for individuals, applicable to various business structures like sole proprietorships, LLCs, or corporations. Closing your EIN is essential to prevent upcoming filings, payments, or taxes post-closure, as well as to reduce the risk of fraud. Keeping accounts open could allow for potential misuse, so it’s important to officially close everything related to your business.
