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In this video, 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, akin to a social security number for individuals, serves as a tax identification number for various business structures, including sole proprietorships, LLCs, and corporations. As part of the business closure, it's essential to formally close the EIN to avoid ongoing filings, payments, or taxes, even after the business ceases operations. This step is also crucial for preventing potential fraud that could arise from leaving accounts active.
