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Posts tagged "taxation law"

So We Have to Pay Taxes on The Things We Buy With Fake Money in a Video Game Now?

Not exactly, but under certain circumstances you might! Online role playing games, made famous by games such as World of Warcraft (WoW), are a great example of the growing trend of virtual economies and virtual currencies. The relationship between the virtual economies and the actual economy and what is taxable is becoming a growing area of concern for the IRS, Congress, and taxation law in general.

Europe's "Shadow Economy" and its Effects on Tax Revenue

Let's be honest, no one likes to pay taxes. But this aversion to giving up some of our hard earned money is usually offset by our desire to maintain a well-ordered society and infrastructure. Nevertheless, the "bad guy," so to speak, in each country is usually the tax collector. In the United States both Uncle Sam and the IRS often get the bad rap. In Europe, it is a rather similar affair. While naming each European country's "bad guy" would take more time than it's worth, talking about the growing "shadow economy" is worthy of the time.

IRS says time running out for foreign assets disclosure

A recent warning from the IRS is prompting taxpayers to voluntarily admit if they've been hiding income in a foreign bank. According to a news report in the Laredo Sun in Texas, new reporting requirements concerning foreign accounts will become a part of tax law over the course of the next few years. As such, time may be running out for people who fail to disclose all income to the IRS.

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