Important Information From the IRS
The IRS has some very specific information and rules when it comes to bartering and barter exchanges. Listed below are links to various sections of the IRS website that will help you understand the requirements of both the Barter Exchange and the members of the exchange.
Tax Responsibilities of Barter Participants
Tax Requirements for Barter Exchanges
Backup Withholding "B" Processes
Taxpayer Identification Number (TIN) Matching Program
Publication 1281: Backup Withholding For Missing And Incorrect Name/TIN(S)
The above information came to us courtesy of the International Reciprocal Trade Association (IRTA). Thanks to Ron Whitney and the rest of the staff for staying on top of the issues and helping distribute it to the industry.
