Are there any tax advantages or disadvantages to BizXchange?
While BizXchange has many advantages, it is not a tax avoidance tool and has no inherent tax advantages or disadvantages for you and your business. In 1982, the United States Congress passed the Tax Equity Fiscal Responsibility Act (TEFRA.) TEFRA recognizes trade exchanges, like BizXchange, as third party record keepers of barter transactions and stipulates that all trade revenue earned (sales made through the exchange) is to be treated as income and is taxable in the year in which products or services are sold. Barter exchanges are required to file Form 1099–B, Proceeds from Broker and Barter Exchange Transactions, summarizing all member transactions within the calendar year. Accordingly, BizXchange will issue a Form 1099–B for your account, summarizing the value of all sales made through the exchange during the year. The IRS will receive the same information. Generally speaking, purchases made through the exchange during the year may be tax deductible and you may deduct costs you inc
