Achievements

IRTA has brought together leading members of the global commercial and corporate barter industry from all over the world, including firms in Argentina, Australia, Canada, China, Singapore, the Ukraine, Germany, Turkey, Germany, Italy, Malaysia, Mexico, Netherlands, Russia, The Czech Republic, United Kingdom, and the U.S.

Through its efforts, IRTA has expanded opportunities for trade exchanges by lobbying for increased use of trade. IRTA successfully lobbied U.S. Congress for trade exchanges to be recognized by the IRS as third party record keepers. The TEFRA Act was signed into law by President Reagan in 1982, which gave trade exchanges in the U.S. this important status. IRTA was responsible for a U.S. Civil Aeronautics Board ruling allowing unrestricted trade of air transportation – a landmark case.

In Australia, IRTA member companies played a major role in helping the ATO to increase public awareness of the tax treatment of barter transactions. In the U.S. IRTA has been recognized by the IRS as a partner in educating small-businesses on the proper accounting and reporting of trade transactions. It has cooperated with the Better Business Bureau and Financial Accounting Standards Board on matters of mutual interest. It has assisted tax and securities authorities and State Attorney Generals in New York, Ohio, Oklahoma, Missouri, Texas and California with its expert advice on the barter industry. It lobbied successfully to defeat adverse regulatory legislation in California and Iowa.

In 2010, with the help of Maurya Lane of Barter Business Exchange (BBE), IRTA successfully convinced the North Carolina Bar Association to permit North Carolina attorneys to participate in organized barter exchanges in the state, Formal Ethics Opinion 4, Lawyer Participating in Barter Exchange, October 29, 2010. The NC Bar Association had originally submitted a proposed opinion for approval that would have prohibited attorneys from joining barter exchanges. IRTA learned of this potential adverse ruling and argued in person before the Bar Association that attorneys must be allowed to participate in barter exchanges. The NC Bar Association was persuaded by IRTA’s arguments and reversed their prior position and subsequently passed a pro-barter ruling on Oct. 29, 2010 which allows NC attorneys to join organized barter exchanges, subject to several very reasonable conditions.

IRTA has also enhanced the reputation of the association and its members with the development and introduction of an international certification program – Certified Trade Broker (CTB) and Registered Trade Broker (RTB) designation – which recognizes an individual’s level of professionalism and barter knowledge. The association works continuously to raise the standards of trading conduct and educate members and the general public about the importance of a sustainable, reputable exchange. The Code of Ethics, established in 1979 is, to this day, a cornerstone to the purpose and standard of IRTA membership.

IRTA’s Global Board of Directors meets regularly to set strategies for the association, create innovative new programs and plan for the various conventions and conferences. Every Fall IRTA holds an Annual International Convention in or near the U.S., as well an annual Spring European/Asian Chapter Conference in Europe or Asia. IRTA also offers additional training and educational meetings in other regions around the world to educate and improve the professional competence of those in the Modern Trade and Barter Industry.

IRTA’s 39 Years of Achievements:

  • Secured passage of the “Tax Equity and Fiscal Responsibility Act of 1982” (TEFRA) which recognized barter exchanges as third-party record keepers and mandated barter exchanges report the barter sales of its members via a 1099-B form, “Proceeds From Barter Exchange & Brokerage Transactions.”
  • Established Code of Ethics and voluntary self-regulation for the commercial barter industry. Secured introduction in Congress of H.R. 4201, Commercial Barter Self-Regulation Act.
  • Conducts research on legal, accounting, tax and regulatory issues and monitors IRS, SEC, FASB, FTC and EU.
  • Secured $100,000 for legal fund to defend barter companies against IRS use of “John Doe” summonses in audits.
  • Obtained Civil Aeronautics Board ruling allowing unrestricted barter of air travel.
  • Developed model contract setting forth legal powers and responsibilities of trade exchanges and their clients.
  • Worked with the Australian government to safeguard the practice of barter and create a workable model from which to regulate the Australian barter community.
  • Lobbied successfully to defeat adverse regulatory legislation in California and Iowa. Representative for the Modern Trade and Barter industry with the IRS by serving on the IRS’s “Information Reporting Program Advisory Committee” (IRPAC).
  • Re-wrote the barter portions of the www.irs.gov site for the IRS that pertain to the barter industry.
  • Created and maintains an industry-recognized worldwide trade broker certification RTB and CTB programs to enhance competence and professional standards of trade exchange brokers.
  • Worked with the Australian government to safeguard the practice of barter and created a model from which to regulate the Australian barter community.
  • Created the Universal Currency (UC) www.ucci.biz worldwide trading platform for barter exchanges to trade with each other in a seamless manner.
  • 2010: Obtained favorable legal opinion from the North Carolina Bar Association to permit attorneys to participate in organized barter exchanges in North Carolina. The opinion is used as model opinion for other States.
  • 2010: Obtained a favorable ruling from the European Commission recognizing the barter industry’s in the clearing of goods and the issuance of trade credits while also affirming such trade credits are not a security. Such recognition effectively protects European trade credits from EU securities laws.
  • 2011: Produced worldwide press release distinguishing differences between the Liberty Dollars Federal counterfeiting verdict and the organized barter industry and advising the industry the guilty verdict does not negatively effect the barter industry.
  • 2011: Re-Wrote and modernized the IRTA Ethics and Conduct Code, effective September 20, 2011. The new Code includes rules of conduct on numerous topical and relevant issues facing the trade and barter industry. It also includes a tiered disciplinary process for violators of the Code.
  • 2012: Re-wrote and modernized an exchange deficits advisory memo titled, “Guidelines & Recommendations For Barter Exchange Deficits”, dated March 28, 2012. The memo defines the different types of exchange deficits and sets clear parameters for for reasonable and prudent deficits that will result in maximum member trading and proper money supply. The advisory memo also provides methods for deficit reduction so as to allow exchanges to reduce their existing deficits and fall within the IRTA recommended deficit guidelines.
  • 2013: With assistance from the United Nations and the STRO Foundation, provided critical support to a Kenyan based non-profit community currency group (Koru-Kenya Bangla-Pesa’s) to help get criminal charges against the group dropped by the Kenyan government. The project is now operational with government support.
  • 2013: Issued a comprehensive Franchise and License Agreements Advisory Memo which provides the legal parameters for proper franchising and licensing for the barter industry.
  • Globally recognized as industry spokesman and watchdog, with reputation for impartiality and interviewed by worldwide media on a regular basis.
  • 2014: Received a favorable ruling from the Commissioner and Senior Legal Counsel of the California Department of Business Oversight stating that barter exchanges do not need to be licensed under the California Money Transmitter Act.
  • 2015: Played a facilitating role in the creation of the Complementary Economics Foundation, (CEF) and obtained IRS tax-exempt status designation for the CEF. The CEF’s mission is to provide meaningful education, public awareness and support services for all sectors of the barter industry.
  • 2015: Assisted in obtaining a favorable Connecticut Bar Association opinion permitting attorneys to participate in barter exchanges. The Connecticut opinion relied heavily on the 2010 North Carolina Bar Association opinion that IRTA played the lead role in obtaining.
  • 2015: Universal Currency Clearinghouse, Inc., (UC), IRTA’s inter-exchange trading platform, completed the development an installation of its own proprietary software system. The UC software system was a joint development project by UC and BPS Technologies.
  • 2015: IRTA submitted a comprehensive research report to the International Islamic Trade Finance Corporation, (ITFC), in Saudi Arabia. The report was titled “IRTA Report for the Development of an OIC Multi-Dimensional Credit Clearing/Counter Trade System.” The ITFC commissioned IRTA to write the report to assist in their evaluation of the feasibility of creating a national multi- leveled barter system in Saudi Arabia.
  • 2015: IRTA submitted a detailed research report to the Department of Economic Development of the Government of Dubai, United Arab Emirates. The report was titled “IRTA Report on Barter Industry Sectors and Supporting Reference Materials.” The report was submitted to assist the Government of Dubai’s analysis regarding the feasibility of created an international multi-tiered barter hub for barter commerce in Dubai.
  • 2016: IRTA released its “Cryptocurrency Money Transmitter Advisory Memo” that delineates the key differences between Bitcoin-like cryptocurrencies and barter exchange trade dollars.
  • 2016: IRTA released its “Membership Cash Conversion & Lending Clauses Advisory Memo” which makes clear recommendations regarding the proper legal terminology barter exchanges should use in their member agreements.
  • 2016: IRTA adopted new modernized non-profit bylaws.
  • 2016: IRTA released a new-revised model membership contract for retail barter exchanges
  • 2017: On February 7, 2017 IRTA released an important Advisory Memo titled, “Proper Reporting of Assets and Liabilities of the Managing Exchange vs. The Exchange Members & IRS Reporting Requirements Regarding Client/Member Bad Debt Accounts.” The Advisory memo’s conclusions were corroborated by the accounting firm of Manning Silverman & Company in Chicago, Illinois.
  • 2017: Universal Currency (UC), the barter industry’s leading inter-exchange trading platform, set an all-time annual trade volume record of 14.5 million in barter transactions. UC was formed in 1997.
  • 2018: On April 4th, 2018 IRTA released a “Warning Regarding Barter Related Cryptocurrencies,” which highlights the potential risks that barter-focused cryptocurrencies present to the industry.
  • 2018: On May 15th, 2018 IRTA released “IRTA/NATE Advisory Memos for Buyers & Sellers of Trade Exchanges.” The unprecedented and historic joint effort by IRTA & NATE provides critical guidelines for buyers and sellers of trade exchanges to assure they will arrive at equitable terms in acquisition/sales scenarios.