IRS - How To - Handle exchange 1099b reporting to the IRS
Posted by Bruce Kamm on August 22 2014 09:55 PM

Send 1099b in Manage > Exchange emails a 1099b to members. The 1099b barter sales also appear on member's January & February statements.

In reports, you have the ability to view (HTML) or export (Excel) IRS filing data. In February, you can upload 1099b barter sales data to the IRS.

You can also want to use an outside service bureau for $45 which takes care of everything including TIN matching to assure there are no reporting errors.

All barter exchanges have an obligation to report 1099b barter sales tot he IRS and there are severe fines for non-compliance.

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