IRS - Who files the 1099b
Posted by Bruce Kamm on March 14 2012 06:39 AM

Q: Who files 1099b data with the IRS?

A:VirtualBarter provides the data for you to file electronically using the IRS eFile FIRE system.

In, under Reports, you will find a 1099b section where you can review 1099b info in HTML on the screen, download it as an Excel file, or download it in an IRS eFile format that can then be uploaded to the IRS. FYI, the eFile is a text file, which you are able to open and read should you want to check or verify the data.

Note that on each member's account information page, you have the possibility so select corporation, which will generate their 1009b sales data in the aggregate, or individual, which will generate sales data for each individual sale. You can also set a member to not receive a 1099b for accounts that may not be subject to reporting, such as for example, internal accounts.

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