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In this video, 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 the tax identification number for businesses, similar to a social security number for individuals. As you wind down operations, it’s essential to officially close your EIN to avoid future filings, payments, or taxes that could arise even after your business ceases to exist. Closing the EIN also helps prevent potential fraud, as leaving accounts open could expose you to misuse of your business identity.
