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Ah, the sound of success. The barter took place, the exchange was triumphant, and your business was able to save crucial funds through a bartered-for exchange. And you suddenly find yourself recommending bartering to everyone you meet, small business owners and civilians alike.
Amid the clinking glasses and celebratory toasts...just don't forget about Uncle Sam. Even though many barter exchanges do not involve cash, the Internal Revenue Service (IRS) still requires an accounting of the exchange.
Here are a few important tax considerations regarding bartering according to the IRS:
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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