What is Complementary currency?
It is a privately issued and circulated medium of exchange that represents the goods and services you have that can be used to acquire what you need.

Why Use Complementary currency?
It expands economic opportunity within communities because it offers the potential for more exchange between businesses and citizens. When there is a gap between available goods and services, and the needs or desires within a community, a complementary currency provides the means to create exchange and augment cash resources.

Is Complementary currency Legal?
It is an entirely legal means to supplement the use of federal currencies.

What is the tax law concerning complementary currency?
The federal government considers it to be the equivalent of cash. Trade exchanges (including complementary currency systems) have the same reporting requirements as banks, savings and loans, credit unions and stock exchanges, as defined by the TEFRA Act of 1982.  Complementary currency systems are required to report to you and the IRS, sales for the relevant tax year on a 1099B form.  Other countries do not currently have income reporting requirements.

Can I deduct my expenses?
Yes.  Expenses made using complementary currency create the same deduction as if done in a cash transaction and therefore offset your tax liability.

What about donations using complementary currency?
They are treated in the same manner as cash.

Does Current Innovations assist with tax compliance?
The system software has full tracking and recording capabilities and generates all required reports.

How are goods and services priced when using complementary currency?
All sales are priced the same as cash as a unit of measure.