Knowledgebase: IRS Tax Reporting
IRS - TEFRA 1099b Barter Sales Reporting
Posted by Bruce Kamm on January 25 2010 01:00 AM


TEFRA Reporting Obligations

In the United States, Barter Exchanges are defined as third-party record keepers under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) and as such are subject to Internal Revenue Service (IRS) Form 1099-B reporting for the annual gross barter sales of the barter exchange’s members.  As a result, barter exchanges are also subject to IRS imposed Civil Penalties for non-matching Tax Identification Numbers (TINS) and therefore must comply with Publication 1281 B-Notice solicitation requirements where non-matching Tax Identification Numbers (TINS) have occurred. 





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