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In this tutorial, attorney Elizabeth Potts Weinstein explains how to close or cancel your EIN (Employer Identification Number) with the IRS when shutting down a business. An EIN functions as a tax identification number for a business, similar to a social security number for individuals, and can be obtained by sole proprietorships, LLCs, or corporations. It's important to close the EIN to avoid future filings, payments, or taxes due for a non-existent business and to help prevent potential fraud. Properly closing your accounts ensures you avoid unnecessary issues related to your business’s closure.
