CFO Selections Offers New Service To Corporate Directors

Corporate Directors:  Are You Ready
For The New Legislation?

Beginning July 1, 2010, Washington State's business and occupation (B&O) tax was  extended to corporate directors. The basic premise of the legislation is that corporate directors are engaged in business as independent contractors for the corporations on whose boards they serve. The new tax bill explicitly extends the B&O tax to amounts received by an individual from a Washington corporation for serving as a member of that corporation's board of directors.

Who is subject to the B&O Tax?

• Corporate Directors: specifically, those who receive compensation for serving on the board of directors of corporations that are based in or headquartered in Washington.
• Nonresident Directors who have sufficient nexus for B&O tax.

Who is NOT subject to the B&O Tax?

• Resident Directors are not subject on compensation paid by corporations based outside Washington.
• Employee Directors.

How do I determine if I'm subject to the extended B&O Tax?

• Do you receive cash compensation for service as a corporate director for a Washington-based Corporation?
• Have you received stock options or grants in exchange for your service on a corporate board in Washington?

If you answered "yes" to either of the above, you may be required to register with the State of Washington Department of Revenue and pay B&O tax on that income.

CFO Selections is ready to help with this new requirement. We can complete your registration and address your ongoing filing needs, as well as answer your questions regarding the new law and its implications to you.

For more information, or to sign up for this service, please contact us by phone or email --

Phone:        206.686.4480
Email:          DirectorBnO@cfoselections.com

About CFO Selections
CFO Selections provides finance and accounting executive search and interim consulting services to a wide range of organizations in the West. The company focuses on locating and recruiting the highest caliber senior-level talent available. Its team of consulting CFOs works in a collaborative and problem-solving way to generate maximum results. CFO Selections' trusted executives have assisted many clients in bridging the gap to profitable growth by tailoring their services to meet exacting situations.

CFO Selections is headquartered in Bellevue, WA and can be reached by contacting Managing Partner Tom Varga at (206) 686-4480 ext. 123, or tom@cfoselections.com.