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In this tutorial, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your EIN (Employer Identification Number) with the IRS when shutting down a business. An EIN functions similarly to a social security number for individuals, serving as the tax identification number for various business structures, including sole proprietorships, LLCs, and corporations. It’s essential to close your EIN to avoid future filings, payments, or taxes still being associated with a non-existent business. Additionally, closing your EIN helps prevent potential fraud that could occur if accounts remain open.
