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Reporting Board of Director fees paid by a foreign entity
October 18, 2023
Q. Some of our Directors are located in the US. Their Board of Directors' fees are paid from our parent entity located in the Netherlands, but our parent entity has an FEIN. How do we report the BOD fees paid to the US members from our foreign entity? Is this done on a normal 1099 using the foreign entities FEIN? Would this be the same process for all US vendors paid from our foreign entities?
A.
(Answered by IOFM's third-party tax experts)
It depends on the specifics of the ownership structure…
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