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In this tutorial, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down a business. An EIN serves as a tax identification number and is essential for businesses like sole proprietorships, LLCs, and corporations. It’s important to close your EIN to avoid any future filings, payments, or taxes owed after the business has ceased operations. This closure also helps prevent potential fraud, as leaving accounts open could expose you to unauthorized activities. In summary, closing your EIN is a vital step when winding down a business.