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In this video, attorney Elizabeth Potts Weinstein discusses the process of closing or canceling your Employer Identification Number (EIN) with the IRS when shutting down your business. An EIN serves as a tax identification number, similar to a social security number for individuals, and is essential for various business structures such as sole proprietorships, LLCs, and corporations. She emphasizes the importance of closing your EIN to avoid any future tax filings, payments, or liabilities, even after the business has ceased operating. Additionally, closing the EIN helps prevent potential fraud that could occur if accounts remain open.
