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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 various business structures, similar to a social security number for individuals. It is essential to close your EIN to avoid future filings, payments, or taxes associated with a non-existent business. Moreover, closing your EIN helps to prevent potential fraud, as leaving accounts open could allow someone to exploit them.