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March 29, 2011 Written
by Bob Meyer, Editor of BarterNews
Dear Tuesday Report Readers,
This is to announce that Mr.
Bob Meyer will be taking a health-sabbatical (from this report)
for the month of March.
We will be posting various
Tuesday Reports from the month of March from various years!
Please enjoy.
We value your readership and
look forward to continuing this publication in April, and for
many years to come.
Thank you for your patience
and understanding.
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GLIMPSE
FROM THE PAST....
March 27, 2001
Written
by Bob Meyer, Editor of BarterNews
BarterNet
Affiliates Put Up Big Numbers In 2000Eric
Jeck, CEO of BarterNet Corporation, announced that the
26 trade exchanges around the world that they consolidating
generated some $231million in transactions last year.
According
to Jeck, the revenue represented one side of the trade
transaction. BarterNet calculated the "selling side"
to arrive at the figure. (Some barter companies double
the gross revenue -- both buys and sells -- when reporting
revenue.)
BarterNet,
www.barternet.com, has affiliate offices in the U.S.,
Canada, Europe, and Australia. Some 48,500 active members
traded across the network last year, with the average
member bartering $4,760 worth of goods and services.
3-Year
Economic Downturn In Argentina Sees Many Using Barter To Survive
Since
1991, Argentina's peso has been wrestling with economic problems--one
of which is an incredible 21% sales tax! Many have found that barter
is the way around such taxes and the economic slowdown. Since 1995
that has been an enormous increase in the use of barter, both through
organized barter clubs as well as direct trading activity.
Analysts estimate
the goods/services traded each month is in the millions and growing.
And well it should with unemployment pointing to 15% and one-third
of Argentina's 36 million people mired in poverty.
An estimated 320,000
people have joined some 400 barter clubs. Done a bit differently than
other countries, Argentina's traders meet in vacant lots about the
size of 4 football fields and set up row after row of wooden tables.
It's much like
U.S. garage sales...only no money changes hands. Everyone comes to
barter just about anything they can like canned food for electrical
repairs, a bicycle for the services of a plumber, or garden tomatoes
for children's clothing.
Lawyers, carpenters
and laid-off bricklayers show up for these weekly barter sessions.
And a commuter bus line offers transportation in exchange for having
vehicles painted. Even hoteliers are getting in on the action--obtaining
sheets and cleaning supplies in exchange for lodging.
For readers of
Spanish, take a look at their online efforts, www.truequeclub.com.
Separating
Company BarterFrom Personal Barter
Many
business owners join a trade exchange to enhance their lifestyle.
When doing so, however, there is a way which eliminates any possible
tax questions.
A personal sub-account
with a separate ID in the name of one or more business owners, partners,
stock holders, or employees will receive monthly statements. Sub-accounts
are commission free, as commissions are paid by the "parent"
account holder.
A
Sub-Account Establishes Your Personal Account
By using your
company's main account for corporate expenses and establishing a personal
sub-account, you will automatically keep the two types of purchases
on separate statements--thereby simplifying record keeping.
You can set up
a sub-account by calling your trade broker. The IRS has made one thing
perfectly clear: trade dollar income, whether personal or corporate,
is the same as cash taxable income. It should be reported dollar-for-dollar
in the year it is credited to a barter account.
Personal barter
income can fall into any of the following categories:
-
Wages
-
Bonus, commission, incentive awards
-
Expense reimbursement
-
Draw against future income or personal loan
Keep in mind that
when trade dollars are labeled wages, anyone paid as an employee (including
yourself) needs to have normal withholding taken out of trade dollar
income, and the dollar amount should be added to the W-2.It is illegal
to compensate individuals as independent contractors (and report income
on a 1099 Form) unless the increasingly strict criteria is met.
Since one person
cannot receive both a W-2 and a 1099 from your company, even bonuses,
commissions, or prize money paid to anyone who also receives a salary
are subject to withholding and get reported on the W-2.
Here
And There. . .
-
The National
Association of Trade Exchanges (NATE) has scheduled its annual
convention, titled Barter at the Beach, for April 19-21 at the
Wyndham Hotel in Miami Beach. For further information see their
web site at 222.nate.org.
-
BigVine, a
service of AllBusiness is about to become AllBusiness Barter.
-
European
barter company Efficio, established in 1995, has announced the
first Pan-American bartering platform, CoBarter.com.
-
Ever wonder
how many small businesses there are in the United States? According
to an IRS press release the figure is 45 million. To obtain more
tax information go to www.irs.gov and then look for "Small
Business and Self Employed Community."
-
Argent Atwood,
a corporate barter company based in NYC, has agreed to invest
in a Mexico City engineering and construction company, to help
construct a 10-plant petrochemical complex in that country.
In exchange
Atwood will receive, no doubt, the output from the plant—products
like styrene and polyethylene for making packaging and fibers.
Both are commodities which the corporate barter company can use
to acquire boxing materials, for use in their fulfillment efforts.
-
Despite all
the doom and gloom about the stock market, the fact is that if
you put $2,000 in the market in 1950 (S&P index fund) and
let it sit, today you would have $1.2 million. (If you put the
same $2,000 in bonds in 1950 you would have $25,000 today!)
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