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In this tutorial, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling an Employer Identification Number (EIN) with the IRS when shutting down a business. She explains that an EIN acts as a tax identification number for businesses, similar to a social security number for individuals, and can be assigned to sole proprietorships, LLCs, or corporations. Closing the EIN is important to avoid future filings, payments, or taxes that could be due after the business has ceased operations. Additionally, closing accounts helps prevent potential fraud by mitigating the risk of someone misusing open accounts.
