Wednesday, January 14, 2009

Virtual Goods Taxation

Through Virtual World News

IRS Closer to Taxing Virtual Goods Transactions

The Internal Revenue Service inched closer to taxation of virtual goods Wednesday, as national taxpayer advocate Nina Olson released her 2008 Annual Report to Congress. The report describes ongoing issues faced by taxpayers and recommends issues for the IRS to address. For what appears to be the first time, the issue of virtual goods transactions in virtual worlds is cited as a major concern

"Economic activities in virtual worlds may present an emerging area of tax noncompliance, in part because the IRS has not provided guidance about whether and how taxpayers should report such activities," states the report's Executive Summary.

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