The September 2007 edition of accounting & business takes a look at the accounting treatment of Second Life (SL) and the use of its Linden dollars L$, which can be exchanged for hard currency. The article notes the success of Chinese-born Ailin Graef, who is a German resident and who has built up a 60 strong, multi-million dollar business from SL.
The U.S Congress is expected to issue a final report on virtual commerce in early 2008. While the British tax authorities Her Majesty Revenue & Customs (HMRC) says that SL players are free to make profits up to the CGT exemption limit of £9,200 after which they should pay tax.
The top players in Second Life are Americans, Germans, French and Britons. Accountng & busines notes that in the United States it is reported that the Maryland-based firm
Katz, Abosch, Windesheim, Gershman & Freedman has started to offer accounting services to Second Life avatars. KAWG&F is one of the top CPA firms in Maryland and is merging with Siebert Kullman.
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