I’ve always told people they need to report and document their barter sales and expenses like they would any other sale or expense, but today I found a compelling article written by a CPA that confirms my beliefs. Here’s how to avoid an audit: Document everything Barter agreements work the same way as cash agreements, Rice [...]
Under new provisions that are to take effect as of January 2011, the IRS has announced that Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, will now show the cost basis of stock sold or exchanged during the year. Under previous reporting rules, brokerages were required only to report sales prices of commodities, leaving [...]
I found this on a blog, and will link to the original article, but the author points to the zero-liability advantage of using barter for legitimate business expenses. This is one of the hot points for me and barter. I love this one. The article is spun specifically for Bartercard in Australia, but it is [...]
The FairTax is making somewhat a resurgence in political steam lately, as evidenced by this video that recently popped up on YouTube. The video explains the tax implications of barter under the FairTax, which end up being identitical to the implications of barter under normal circumstances.
In San Francisco, a former publisher was sentenced to five months in prison in a tax fraud case. The publisher had failed to report barter related transactions, even though those transactions were being reported to the IRS… Green failed to report at least $400,000 in income, including income from bartering – an exchange of goods [...]
I dug up a relevant article on the tax implications of barter for Canada this morning. We’ve published many here about the tax implications inside the United States, and I had heard from some Canadian exchange owners how the Canadian Revenue Agency handles barter and taxes, but this is the first published article I have [...]
As the owners of Premier Barter, a local barter exchange in Phoenix, AZ, it is not unusual for us to hear from potential new members that they would love to barter so they don’t have to pay taxes on their transactions. Their smile typically fades away when we explain to them that the IRS treats [...]
In article specifically geared towards the tax consequences of barter, Kelly Erb says, “Think of barter just like cash: If it would be taxable if paid in cash, it’s taxable if paid in goods or services. If you receive value for goods or services that would normally be taxable to you personally but not as [...]
Rob Wood explains the necessity of paying taxes on barter in this informative video.
