Earlier this week IRTA issued a new Advisory Memo on assets/liabilities and proper 1099 reporting. Read full post from IRTA website below.
New IRTA Advisory Memo Released – Assets/Liabilities and 1099 Reporting
published: February 7, 2017
IRTA Releases New Advisory Memo on Proper Reporting of Assets and Liabilities of The Managing Exchange vs. The Exchange Members and IRS 1099 Reporting requirements regarding Client/Member Bad Debt Accounts
IRTA’s Assets/Liabilities and 1099 Reporting Committee is pleased to release its new 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 Trade Accounts.”
The Advisory Memo will serve as an important educational tool to help alleviate confusion in all sectors of the barter industry regarding what assets and liabilities pertain to the managing exchange and what assets and liabilities are part of the members’ system collectively. The memo also provides guidance on the proper IRS information reporting required when a trade exchange member has defaulted on their negative trade balance.
The conclusions in IRTA’s Advisory Memo have been corroborated by the accounting firm of Manning Silverman & Company and 30-year IRS veteran,
Cindy Vassilowitch, CPA, EA, MST.
IMS’s CEO and Chairman of the IRTA Global Board of Directors, John Strabley observes, “This Advisory Memo has tackled some of the toughest, least understood, but critically important, financial reporting dynamics in the barter industry. IRTA is showing its leadership yet again by addressing these essential accounting and legal principles, which in reality, very few exchange owners currently grasp.”
Click on the links below to read IRTA’s new Advisory Memo.
IRTA would like to thank the following individuals for their substantive contributions to the creation of this most complex Advisory Memo:
IRTA’s Assets/Liabilities and 1099 Reporting Committee:
John Strabley, Annette Riggs, Mary Ellen Rosinski, Paul Bolte and Ron Whitney.
Manning Silverman & Company
Wayne E. Silverman, CPA
Larry Goldstein, CPA, Tax Manager
Cindy Vassilowitch, CPA, EA, MST
If you have any questions, or have additional input on the topic, please contact IRTA’s President & CEO, Ron Whitney at firstname.lastname@example.org or 757-393-2292.