No, we do not recommend opening a business account for a corporation (which presumably will be filing an income tax return) using an individual’s social security number instead of an EIN. The IRS requires corporations to obtain an EIN and to file an income tax return — unless the corporation qualifies as a tax-exempt organization.

A corporation can obtain an EIN for free immediately after submitting an online application at IRS.gov.

For resources related to our guidance, please see:

• IRS website, Do You Need an EIN? (“You will need an EIN if you answer ‘Yes’ to any of the following questions. . .  Do you operate your business as a corporation or a partnership?”)

• IRS website, FAQs – Entities (“Must a partnership or corporation file an information return or income tax return even though it had no income for the year? . . . A domestic corporation (including a Subchapter S corporation) must file an income tax return whether it has taxable income or not, unless it’s exempt from filing under section 501.”)

• IRS website, Exempt Organization Types (“Organizations organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, educational, or other specified purposes and that meet certain other requirements are tax exempt under Internal Revenue Code Section 501(c)(3).”)