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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 a tax identification number for businesses, similar to a social security number for individuals. When closing a business, it’s important to properly handle your EIN to avoid future filings, payments, or taxes, even after the business has ceased operations. Doing so also helps prevent potential fraud; leaving accounts open could allow others to exploit them.
