As a director, your fees are not considered employee wages or a salary (W-2). Instead, the IRS considers you to be an independent contractor and your income is reported on Form 1099-MISC in Box 7 (Nonemployee Compensation) and this is what you will use when you file your Form 1040 (Schedule C). Because your company […]
Obtaining a Board Seat
Board Seats What is a board of directors? Essentially, a board of directors is made up of a group of people who are legally responsible for governing an organization. In the United States, there are at least 20,000 private companies and 60,000 publicly traded companies, all of which have boards of directors. The duties of […]
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