It’s a new year, which means soon it will be time to file taxes for your business for 2015. As a member of a barter exchange, a 1099-B form will be sent to you and the IRS reporting your barter sales for 2015. If you did not make any sales during 2015, and only purchases, please note you will not receive a 1099-B form. All trade sales made through a barter exchange must be reported to the IRS – no exceptions.
Please keep an eye-out in the mail for this form. New England Trade, Inc. is required to mail 1099B’s to all clients with sales for 2015 by February 15th, 2016. Please check your December statement to ensure your year-to-date sales are accurate. That total will be the amount on your 1099-B.
If you have changed your company information, such as your Corporate Name, Federal ID or type of company you are (Corp., LLC, Sole Proprietor), we will also need to know that information. Failure to supply an accurate Federal ID and Company Name can result in fines of up to $50.00 per transaction. That is cash to the IRS!
Thank you for your attention to this matter. If you have any questions, please contact the office at 781-88-9200.