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Open Letter From IRTA Executive Director Ron Whitney

Subject: IRS Web Site Barter Section Updates

Dear Modern Trade and Barter Industry Member:

The International Reciprocal Trade Association has been working with the IRS to update their www.irs.gov web site sections that pertain to the barter industry. As a result, many new and positive changes have been made to these sections.

In an effort to improve the overall education level, and to minimize non-compliance matters related to barter tax reporting, the IRS has requested IRTA to ask barter exchange owners to put the new IRS web site sections concerning barter on their individual web sites. 

The first set of web site links listed below is titled �Links for Exchange Members.� We suggest you post all four of these links on your web site since they provide helpful IRS barter information for your exchange members and/or prospects

A second grouping titled �Links Exchange Owners Need to Understand� are links containing important information that as exchange owners you need to be aware of, but do not need to be posted on your web site since they apply specifically to exchange owner�s IRS reporting requirements.

We suggest that you cooperate with the IRS�s recommendation and post the �Links for Exchange Members� on your web site. By doing so you will be increasing the knowledge level of your members regarding IRS barter reporting, while also positioning your exchange as a credible authority on IRS barter issues. We also trust you will find the �Links Exchange Owners Need to Understand� helpful and enlightening. 

Thank you for your time and attention.

I. Links For Exchange Members:

Do You Barter?  Click here

Bartering Tax Center  Click here

Bartering Income  Click here

Tax Responsibilities of Barter Participants  Click here

II. Links Exchange Owners Need To Understand:

Barter Exchanges Click here

Topic 420 - Bartering Income Click here

Tax Requirements for Barter Exchanges  Click here 

Backup Withholding �B� Processes  Click here

Taxpayer Identification Number (TIN) Matching Program  Click here

Publication 1281: Backup Withholding For Missing And Incorrect Name/TIN(S)  Click here 

For more information, please feel free to contact me below.

Ron D. Whitney
Executive Director, IRTA
524 Middle Street
Portsmouth, VA 23704
Ph: 757-393-2292
Fax:: 757-257-4014
Skype ID: Ron.D.Whitney

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