All U.S. based barter exchanges that have processed more than $600 in barter transactions for a member 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 a specific date each year, for all barter sale transactions members 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.
Send 1099b on the Exchange menu will email a 1099b to all 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 March, you can upload 1099b barter sales data to the IRS. Or, you may prefer to use an outside service bureau we can recommend for $45, which takes care of everything including TIN matching to assure there are no reporting errors.
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.
Or, forget the hassle altogether by using a professional 1099b service provider. For about $45, they will do your TIN matching to be sure all Tax ID Numbers are accurate, and they will eFile with the IRS.
Check the current filing deadlines and don't delay... All barter exchanges have an obligation to report 1099b barter sales to the IRS and there are severe fines for non-compliance.