Can I pay Corporate officers using 1099misc?

[ihot]

What is the name of your state? CO

Hi,
1) Can my S Corp pay a fee for attending corporate board meetings by its Treasurer and directors, then sent them a 1099misc? Or do they have to be paid using W2 as salaried employees? Is there a maximum and minimum that corporate officers are allowed to be paid for attending meetings?

2) If my S corp were to pay our Treasurer via a 1099misc, how is she going to report it in her tax return? Does she file a schedule C and title her business as "Corporate Directorship/ Officer" ?
Thanks in Advance.

 

[FlyingRon]

Corporate officers who receive money for services performed should be treated as employees and the distributions should be normal income:

http://www.irs.gov/businesses/small/article/0,,id=112602,00.html

If you do get income via the 1099, you report it on the sched C.

 

[LdiJ]

Corporate officers who receive money for services performed should be treated as employees and the distributions should be normal income:

http://www.irs.gov/businesses/small/article/0,,id=112602,00.html

If you do get income via the 1099, you report it on the sched C.

That is not necessarily accurate....I would recommend a consult with a local tax pro.