Barter & Taxes

In the United States, trade exchanges were classified by law, as of August 1982, as
3rd party record keepers as defined by the TEFRA Act of 1982. As such, trade
exchanges have the same reporting requirements as banks, savings and loans, credit
unions, and stock exchanges. They are required to report to you and to the IRS your
sales for the year on a form 1099B. All tax payments are applicable as if the trade
credit revenues and purchases were made in cash.

In the United States, IRTA is proud to be involved in the IRS Partnership Outreach
to help educate business owners about how to properly account for trade transactions
and to educate new trade exchanges of their obligations to members of their trade
exchange.

In countries outside the United States, there are presently no reporting requirements.
IRTA recommends that you consult with a professional in your area that is familiar
with your country's reporting requirements.