On 06/04/13 7:09 AM, Elizabeth wrote:
Hi Tony! Do you know much about legal/tax issues for small (sole proprietor) businesses participating in time banks? Are any Mahoning Valley businesses doing this, to your knowledge? Thanks!
Please know that I’m not a lawyer. The founder of TimeBanks USA is a lawyer and his writing is here: http://actionhub.timebanks.org/content/tax-issues
Basically the rule is that community service non-paid work time is documented as a time credit in an account when non-paid community service work is performed. There is no relation of any time unit to any Federal money unit so there is no tax.
Time Bank Mahoning Watershed is a 501 c(3), see our purpose at http://tbmw.org/about-tbmw/timebank-mahoning-watershed-our-vision-mission-values-statement
There is no fee and or no requirement to use our data base program. We do ask for yearly in kind work services or financial contributions from participating individuals, groups, for-profits and non-profits. Currently there are no Mahoning Valley business in our time bank. I love to talk about Time Banking, See http://tbmw.org/contact-us/schedule-a-timebank-presentation-with-your-group-program-or-organization
Hope that the above helps,