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Knowledgebase : IRS Tax Reporting
For calendar year 2008, Copy B of Form 1099-B is due to barter exchange participants by February 2, 2009. Copy A of the form is required to be filed with the IRS by March 2, 2009. If filing electronically, the due date is March 31, 2009. Software that g...
PENALTY FOR NOT FILING OR FILING INCORRECT FORMS 1099-B Failure to file Forms 1099-B can result in significant penalties under Internal Revenue Code Section 6721. The penalty is based on when correct information returns are filed. The penalties are: ...
Q: What is the difference between "trade dollars" and "trade credits"? A: Trade dollars are no different than cash and are reported by a barter exchange (third party record keeper) to the IRS as sales, the same as cash. Note that there could be cas...
TAXPAYER IDENTIFICATION NUMBER (TIN) MATCHING TIN Matching is part of a suite of internet based pre-filing e-services that allow "authorized payers" the opportunity to match 1099 payee information against IRS records prior to filing information return...
Furnish 1099b to member's by February 15, 2011. File Copy A of 1099b forms with the IRS by February 28, 2011. If you file electronically, the due date is March 31, 2011. To file electronically, you must have software that generates a file a...
Following is a list of important links regarding tax reporting requirements for barter sales. Barter Exchanges http://www.irs.gov/businesses/small/article/0,,id=113437,00.html [1] Topic 420 - Bartering Income http://www.irs.gov/taxtopics/tc...
IRS deadlines to file 1099b barter sales: * Recipient Copy - February 15, for Forms 1099-B * IRS Paper Filing - February 28 * IRS Electronic Filing - March 31 Note: 1099b barter sales details are included on member's January statements. Yo...
All U.S. based barter exchanges that have processed more than $600 in barter transactions in 2009 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 ...
Barter exchanges, whether Internet based or with a physical location, are required to file Form 1099-B for all transactions unless certain exceptions are met. Barter exchanges are not required to file Form 1099-B for: * Exchanges through a barter...
WHERE TO FILE AND HOW TO CONTACT THE IRS, INFORMATION RETURNS BRANCH (IRB) .01 All information returns filed through the FIRE system are processed at IRS/IRB. General inquiries concerning the filing of information returns should be sent to the follo...
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 manage.vbarter.com, under Reports, you will find a 1099b section where you can review 1099b info in HTML on...
Send 1099b in Manage > Exchange emails a 1099b to 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 February, you can upload 10...
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 REP...
Notce: The IRS internet connection for filing information returns electronically is http://fire.irs.gov [1]. The Filing Information Returns Electronically (FIRE) system may be down every Wednesday from 2:00 a.m. to 5:00 a.m. ET for programming updates....