Your tip
RadarOnlineRadarOnline
BREAKING NEWS

Taxing the Cyberworld?

Jan. 16 2009, Published 2:44 p.m. ET

Link to FacebookShare to XShare to Email

Wait, you're going to tax all those American Idol Habbo goodies we wrote about yesterday?

Tax experts say that the IRS should start taxing 'virtual economies' in games like Second Life, in which the players use real money to trade for virtual products and services, such as land and clothes.

Taxpayer Advocate Nina Olson, whose annual report was published on the IRS website, wrote: "Economic activities associated with virtual worlds may present an emerging area of noncompliance, in part, because the IRS has not issued guidance about whether and how taxpayers should report such activities.

MORE ON:
Breaking News
Article continues below advertisement

"The IRS should consider doing more to help taxpayers comply with their tax obligations by quickly issuing guidance addressing how to report economic activities in virtual worlds, as well as in other emerging areas of economic activity."

Gee, thanks. Just the kind of help we want when we go to the cyberworld to escape from reality!

Advertisement

DAILY. BREAKING. CELEBRITY NEWS. ALL FREE.

Opt-out of personalized ads

© Copyright 2024 RADAR ONLINE™️. A DIVISION OF EMPIRE MEDIA GROUP INC. RADAR ONLINE is a registered trademark. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service, Privacy Policy and Cookies Policy. People may receive compensation for some links to products and services. Offers may be subject to change without notice.