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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 a business, similar to a social security number for individuals. It can be obtained by sole proprietors, LLCs, or corporations. As you close your business, it's important to officially close your EIN to avoid any future filings, payments, or taxes due, even if the business no longer exists. Additionally, closing your EIN helps prevent potential fraud that could occur if accounts remain open.
