What about tax liability? Anyone thougth of that?

The 'letter' that is touted as an answer to this is a fraud. It is a ONE TIME exemption, not a ruling.

This time bank thing will work well as long as your local electrician is willing to mow someone's lawn in return for plumbing work from a truck driver. BUT..... if that electrician performs electrical work, or the plumber does plumbing work, it's taxable. No if's and/or buts. It is taxable.

Be very careful about using this service. The penalties may be for more expensive than the savings.

Brett

As I understand it, the reason that the IRS is not interested in taxing our people is that we are all "gifting" each other. In the TimeBank system everyone's hour is worth the same. TimeBanking has also been through the US Court system to address this issue. I believe Edgar covers this issue in one of his books. It might be helpful to read No More Throw Away People and his earlier book for more info. Essentially, the issue has been addressed. We can be at ease and celebrate.

See this latest post for a thorough explanation of the tax implications:

http://forums.timebanks.org/viewtopic.php?p=1103#1103

Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base. Taxable events include, but are not limited to, annual income,

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What about tax liability? Anyone thougth of that?
brett@koalamotorsport.com Joined: 14 Mar 2009 Posts: 3	Dated: Sun Mar 22, 2009 9:46 pm Subject: What about tax liability? Anyone thougth of that?
brett@koalamotorsport.com Joined: 14 Mar 2009 Posts: 3	The 'letter' that is touted as an answer to this is a fraud. It is a ONE TIME exemption, not a ruling. This time bank thing will work well as long as your local electrician is willing to mow someone's lawn in return for plumbing work from a truck driver. BUT..... if that electrician performs electrical work, or the plumber does plumbing work, it's taxable. No if's and/or buts. It is taxable. Be very careful about using this service. The penalties may be for more expensive than the savings. Brett
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Kristine Flones Joined: 31 Jan 2007 Posts: 41 Location/Time Bank: Woodstock, NY	Dated: Mon Mar 23, 2009 10:44 am Subject: Tax liability
	As I understand it, the reason that the IRS is not interested in taxing our people is that we are all "gifting" each other. In the TimeBank system everyone's hour is worth the same. TimeBanking has also been through the US Court system to address this issue. I believe Edgar covers this issue in one of his books. It might be helpful to read No More Throw Away People and his earlier book for more info. Essentially, the issue has been addressed. We can be at ease and celebrate.
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Jen Moore Moderator Joined: 16 Aug 2006 Posts: 111 Location/Time Bank: Washington, DC	Dated: Tue Mar 24, 2009 7:09 am Subject:
	See this latest post for a thorough explanation of the tax implications: http://forums.timebanks.org/viewtopic.php?p=1103#1103
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williams8899 Joined: 10 Jul 2010 Posts: 10	Dated: Wed Aug 04, 2010 7:14 am Subject:
williams8899 Joined: 10 Jul 2010 Posts: 10	Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base. Taxable events include, but are not limited to, annual income, ------------------------------------------------- UPVC Doors UPVC Front Doors
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