Yes, 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 1040. Because your company does not withhold federal income, social security or Medicare taxes from your income, you are responsible for any and all additional taxes you potentially owe.
