A SIMPLE SYSTEM
You simply agree to accept an additional form of payment known as VBSR Marketplace Trade Dollars in payment for your goods and services.
How do I sell?
Making a sale through the VBSR Marketplace is no different from a normal cash sale except for the form of payment. You list an offer in our online trade system or respond to a request from another member.
How do I buy?
We help you identify expenditures that you would like to offset with Trade Dollars and direct you to suppliers through the VBSR Marketplace. We also recruit new users based on your requests.
How do I do my accounting?
Each month, a statement is made available detailing recent transactions. This can be obtained from the online system. Accounting practices are the same as cash and we’d be happy to help you with your bookkeeping questions.
How do I get paid?
The Trade Dollars you earn and spend in the VBSR Marketplace are valued just the same as cash, by IRS mandate. For instance, if you normally sell your product or service for $300 cash, you will sell it for the same amount in the VBSR Marketplace, except for 300 VBSR Marketplace Trade Dollars (300T).
What About Taxes?
The VBSR Marketplace is administered and managed by VBSR member Vermont Resilience Lab, LLC (VRL). VRL manages the Marketplace on behalf of VBSR as a third-party record keeper. VRL will provide every Marketplace participant with necessary forms for tax reporting at the end of each year (1099B). This report will show the amount of sales your business made in the VBSR Marketplace. For example, if your business earned 10,000 trade dollars in the Marketplace in one year, VRL will send you a 1099 to provide to your accountant that reflects $10,000 in sales.
There is no tax advantage or disadvantage for participating in the Marketplace. As in normal accounting, your Trade Dollar income is taxable and at the same time, certain capital purchases and business expenses may be tax deductible.
When applicable, standard sales and other local taxes will apply. Those taxes are payable in cash at the point of sale, and reported as normal.