GeorgeDenseff, thanks for your prompt response. Correct me if I'm wrong, but from reading the 1099-B instructions, it is my understanding that 1099-B is for a broker or barter exchange (the latter is a 3rd party to coordinate bartering between 2 individuals/organizations). In my situation, we are not using a broker or a barter exchange, and the company is not a barter exchange.
I found a somewhat relevant example to my situation on an IRS website (it won't let me post the link, but look up "Publication 525 (2020), Taxable and Nontaxable Income" and look at the section on Bartering):
"Example 23. You own a small apartment building. In return for 6 months rent-free use of an apartment, an artist gives you a work of art she created. You must report as rental income on Schedule E (Form 1040) the FMV of the artwork, and the artist must report as income on Schedule C (Form 1040) the fair rental value of the apartment."
If I apply my situation to this example, then:
*the company should report $12k (as rental income) as the FMV of my services
*my practice should report $12k (as business income) as the FMV of the office rent.
This appears reversed (who reports service vs. rent as income) from what I originally posted, but the amount of reported income for each is the same. What the example doesn't include are the expenses to offset the income. If I'm receiving a value for rent, then I should be able to expense the value for my services. If the company is receiving a value for services, it should be able to expense the value for the rent. That's what it would look like if real money exchanged hands, but I can't find mention of this on the IRS' website.
