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Isaac M. O'Bannon

Managing Editor

Isaac M. O'Bannon is the managing editor and digital content manager for CPA Practice Advisor (www.CPAPracticeAdvisor.com), drawing on two decades of experience covering the areas of professional accounting, taxation, business productivity and consumer technologies. Prior to CPA Practice Advisor, O'Bannon was a consultant at firms in San Francisco, Denver and Tulsa, serving clients that included Logitech, Polycom, Hilti, Microsoft, the Stanford Research Institute, the University of Oklahoma's College of Engineering and other technology leaders. He is a U.S. Navy veteran. Email: isaac.obannon - @ - cpapracticeadvisor.com

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A new twist on sales taxes: Are in-game purchases like "powerups" a transaction? Yes. Will they be taxed is a different question

Are in-game sales taxable transactions? In essence, the user/gamer is trading real money for a digital product. While that product may not exist outside of the game, it is a transaction that has value. In fact, it's a billion dollar industry, and one that has gone untaxed even by states and other jurisdictions that likely already have the legal authority to tax the transactions.