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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 a business. She explains that an EIN serves as a tax identification number for businesses, similar to a social security number for individuals, and can be obtained as a sole proprietorship, LLC, or corporation. Closing your EIN is important to avoid future filings, payments, or taxes after the business ceases to exist. It also helps prevent potential fraud that could occur if accounts remain open.
