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In this tutorial, 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, akin to a social security number for individuals, and can be obtained by sole proprietorships, LLCs, or corporations. It’s important to close your EIN to avoid any future filings, payments, or taxes even after the business ceases to exist. Additionally, closing your EIN helps prevent fraud, as leaving accounts open could expose you to potential fraudulent activities.