Knowledgebase: IRS Tax Reporting
IRS - 1099b Tax Reporting Requirements
Posted by Bruce Kamm on January 24 2010 08:11 PM

All U.S. based barter exchanges that have processed more than $600 in barter transactions in 2009 must report 1099b barter sales (income) to the IRS and to member businesses. You can find helpful information about reporting requirements at www.irs.gov as well as www.irta.com.

 
Note that members must be provided with their 1099b total barter sales on or before February 2nd for all barter sale transactions they completed in the previous year. And you must provide 1099b barter sale information to the IRS either on an official 1099b form Part A, or by uploading your data using the IRS eFile system. 
 
You can view or download your member's 1099b barter sales by clicking on Reports > Accounting > 1099b. Select HTML to view the report online, or select Excel to download the data that you can then send to members.
 
If you intend to email, fax or mail 1099b information to your members, and would like to send the information on your letterhead, you can easily merge your data into your pre-designed letterhead template using Microsoft Word.
 
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