January 19, 2016
Written
by Bob Meyer, Editor of BarterNews
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From the desk of Bob Meyer...
01/19/2016
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IRTA President’s Message — 2015 & Beyond
In 2015, both
IRTA and UC have seen exceptional growth, continually improved
financials and IRTA has reached important milestones as an advocate
for the barter industry. IRTA and UC exceeded revenue goals and
anticipate substantial growth this year. With the new customized
software system, UC will continue to enhance collaboration and
inter-trade opportunities for the barter industry.
On
behalf of the IRTA Board of Directors, I want to give special thanks
to Ron Whitney, Patty Weston and the team at BPS Technology for
their diligence and hard work to achieve the launch of the first
software platform fully customized for UC. They will continue to
improve and enhance the system and welcome your input!
The
IRTA website has been redesigned to modernize the site and maximize
internet SEO. The new website will be released in January of 2016.
Also, the IRTA Bylaws have been rewritten and modernized to reflect
current best practice and the final version will be presented for
board approval in January 2016.
In January of 2015, IRTA
obtained a favorable IRS Private Letter Ruling, which stated that as
a pass-through entity UC does not have to provide 1099B's to UC
member exchanges, based on the fact that to do so would represent
duplicate 1099ing of the same barter transaction. The guidance IRTA
has derived from UC's PLR confirms IRTA's long held position that
barter exchanges do not have to submit 1099B's in direct reciprocal
situations since both barter exchange participants in a direct
reciprocal arrangement are in fact acting "as the clearinghouse
between two barter exchanges to effect sales on behalf of their
respective clients."
IRTA also assisted Connecticut legal
counsel in obtaining a favorable ruling from the Connecticut Bar
Association to allow state attorneys to participate in barter
exchanges subject to reasonable parameters. This issue has come up
in other jurisdictions in recent years and IRTA has successfully
made the case for legal firms to continue to participate as members
in the barter industry.
IRTA has continued to advocate for
the barter industry on new state financial regulations concerning
Money Transmitters as a result of the rise of crypto-currencies and
the potential impact on other complementary currencies including
barter/trade currencies. We recently formed a "Money Transmitter
Regulations Committee" with industry experts to monitor proposed
crypto-currency regulations and intervene as necessary to protect
the barter industry. The second major goal of the committee is to
issue an IRTA Advisory Memo on crypto-currency/money transmitter
matters to the industry in the first quarter of 2016.
We
need the assistance of members outside the U.S. to advise us if they
are facing similar financial regulations, so that IRTA and the
Committee can address issues that might impact you and the industry
at large.
The Complementary Economics Foundation (CEF)
obtained its 501c3 tax-exempt status from the IRS in July of 2015.
The Foundations primary mission is to educate and build awareness of
all sectors of the industry including; barter exchanges, corporate
barter, countertrade and complementary currency systems. The
foundation will officially launch in the first quarter of 2016 to
help all sectors of our industry to grow and thrive. Contact CEF to
make your cash or trade donations, www.ce-fdn.org.
IRTA entered into a consulting agreement with the International
Islamic Trade Finance Corporation (ITFC) to provide a report
including recommendations for the development of a multi-tiered
barter system for OIC countries. Meetings were held at the ITFC
headquarters in November and again in December of 2015 in Jeddah,
Saudi Arabia as part of phase one of the project. The report was
delivered by IRTA to the ITFC on December 22, 2015. We look forward
to working further with the ITFC to support the establishment of
trade initiatives in the region.
The Strategic Planning &
Business Development Department of the Government of Dubai has
expressed similar interest so momentum is building. IRTA has
provided them with a comprehensive report on "Barter Industry
Sectors & Supporting Reference Materials" and is coordinating a
visit to the U.S. for March of 2016.
Our goals in 2016 are
to continue to grow the memberships of IRTA and UC and to
materialize the opportunities in front of us that will improve and
expand our great industry. The Board of Directors will meet in late
March for its annual two day planning meeting to evaluate and set
the next steps and goals for IRTA and UC. Stay tuned for updates and
upcoming news about the 2016 convention. We are working on new and
more diversified seminar and workshop content for the next
convention.
Your input and participation is always
appreciated. Best wishes for success in the New Year!
Sincerely,
Annette RiggsPresident, IRTA & UC
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SAVE This Date!
The National Association of Trade Exchanges has announced the
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→ Call your
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→ Focus on using your trade
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The Growth and Use of Secondary
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Check it out...
www.barternews.com/secondary_capital.htm.
Get New Money-Making Ideas And
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click through to our Global List
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