Hello, this is attorney Elizabeth Potts Weinstein. Today, we're discussing how to close or cancel your EIN with the IRS. If you're shutting down your business, you might wonder what to do with your EIN. Understanding EIN An EIN, or Employer Identification Number, is like a Social Security Number for a business. It's a tax identification number you receive from the IRS, whether you're a sole proprietorship, LLC, or corporation. Why Close Your EIN? When closing your business, you want to ensure everything is properly shut down to avoid future filings, payments, or taxes. This also helps prevent potential fraud, as leaving accounts open could make your business vulnerable to identity theft. Can You Cancel an EIN? According to the IRS, an EIN cannot be canceled. It remains attached to your business indefinitely. However, you can close your business account with the IRS to finalize all related obligations. Steps to Close Your EIN Write a Letter to the IRS : Send
Hello, this is attorney Elizabeth Potts Weinstein. Today, we're discussing how to close or cancel your EIN with the IRS. If you're shutting down your business, you might wonder what to do with your EIN. Understanding EIN An EIN, or Employer Identification Number, is like a Social Security Number for a business. It's a tax identification number you receive from the IRS, whether you're a sole proprietorship, LLC, or corporation. Why Close Your EIN? When closing your business, you want to ensure everything is properly shut down to avoid future filings, payments, or taxes. This also helps prevent potential fraud, as leaving accounts open could make your business vulnerable to identity theft. Can You Cancel an EIN? According to the IRS, an EIN cannot be canceled. It remains attached to your business indefinitely. However, you can close your business account with the IRS to finalize all related obligations. Steps to Close Your EIN Write a Letter to the IRS : Send
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