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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. An EIN serves as a tax identification number, similar to a social security number for individuals, and can be obtained by various business structures like sole proprietorships, LLCs, or corporations. It's important to close your EIN to avoid future filings, payments, or taxes even after the business ceases to exist. Additionally, closing the EIN helps prevent potential fraud, as leaving accounts open could lead to unauthorized use or identity theft.