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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 your business. An EIN serves as a tax identification number for various business structures, similar to a social security number for individuals. It's essential to formally close your EIN to avoid future filings, payments, or taxes owed, even after the business has ceased operations. This action also helps prevent potential fraud by ensuring that accounts are not left open, which could be exploited by others.
