Dear Modern Trade and Barter Industry Member:
IRTA has been working with the IRS to update their www.irs.gov website sections that pertain to the barter industry. As a result, many new and positive changes have been made to the IRS website barter sections.
In an effort to improve the overall education level, and to minimize non-compliance matters related to barter tax reporting, the IRS has requested IRTA to ask barter exchange owners to put the new IRS website sections concerning barter on their individual websites.
The first set of website links listed below is titled “Links for Exchange Members”. We suggest you post all four of these links on your website since they provide helpful IRS barter information for your exchange members and/or prospects
A second grouping titled “Links Exchange Owners Need to Understand” are links containing important information that you as exchange owners need to be aware of, but do not need to be posted on your website since they apply specifically to exchange owner’s IRS reporting requirements.
We suggest that you cooperate with the IRS’s recommendation and post the “Links for Exchange Members” on your website. By doing so you will be increasing the knowledge level of your members regarding IRS barter reporting, while also positioning your exchange as a credible authority on IRS barter issues. We also trust you will find the “Links Exchange Owners Need to Understand” helpful and enlightening.
Please feel free to call Ron Whitney at IRTA at 757-393-2292 if you have any questions, or email Ron at ron@irta.com.
Thank you for your time and attention.
LINKS FOR EXCHANGE MEMBERS:
Do You Barter?
http://www.irs.gov/newsroom/article/0,,id=205581,00.html
Bartering Tax Center
http://www.irs.gov/businesses/small/article/0,,id=187920,00.html
Bartering Income
http://www.irs.gov/businesses/small/article/0,,id=187904,00.html
Tax Responsibilities of Barter Participants
http://www.irs.gov/businesses/small/article/0,,id=188095,00.html
II. LINKS EXCHANGE OWNERS NEED TO UNDERSTAND:
Barter Exchanges
http://www.irs.gov/businesses/small/article/0,,id=113437,00.html
Topic 420 - Bartering Income
http://www.irs.gov/taxtopics/tc420.html
Tax Requirements for Barter Exchanges
http://www.irs.gov/businesses/small/article/0,,id=188094,00.html
Backup Withholding “B” Processes
http://www.irs.gov/businesses/small/article/0,,id=98151,00.html
Taxpayer Identification Number (TIN) Matching Program
http://www.irs.gov/govt/tribes/article/0,,id=131207,00.html
Publication 1281: Backup Withholding For Missing And Incorrect Name/TIN(S)
http://www.irs.gov/pub/irs-pdf/p1281.pdf
Ron D. Whitney
Executive Director, IRTA
524 Middle Street
Portsmouth, VA 23704
PH: 757-393-2292
Fax:: 757-257-4014
www.irta.com
ron@irta.com
Skype I.D.: Ron.D.Whitney
