Banking

6:27pm

Wed May 7, 2014
Marijuana

Colorado Approves Financial System For Marijuana Industry

Colorado lawmakers have voted to create the a financial system for the state's burgeoning legal marijuana industry.

After Colorado legalized pot in 2013, it still had no financial mechanism for legal marijuana businesses. Washington has also approved the sale of marijuana for recreational purposes.

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8:06am

Fri May 2, 2014
Marijuana

Marijuana Banking Bill Is Snuffed Out In Colorado

Originally published on Fri May 2, 2014 12:47 pm

Partygoers listen to live music and smoke pot on the second of two days at the annual 4/20 marijuana festival in Denver, last month. While the sale of marijuana is legal in the state, a legal finance mechanism is still in doubt.
Brennan Linsley AP

It's OK to sell pot in Colorado, but there's still nowhere but the mattress to legally stash the proceeds.

That's the continuing problem for legal marijuana dealers in the state, who are caught between the state's legalization of cannabis and federal laws that still classify it as a controlled substance.

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1:29pm

Tue March 25, 2014
Technology

IRS Says It Will Treat Bitcoins As Property, Not Currency

A photo of tokens representing bitcoins.
Rick Bowmer AP

In a new rule released on Tuesday, the Internal Revenue Service says it will treat bitcoin and other virtual currencies as property.

The Wall Street Journal reports this means any profits made on the currency will be taxed at the capital-gains rate and that investors will have to keep extensive records.

The Journal adds:

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5:57am

Thu February 20, 2014
World

Why More Americans Are Renouncing U.S. Citizenship

Originally published on Thu February 20, 2014 6:32 am

A case against the Swiss bank UBS in 2008 led Congress to create more regulations for foreign banks holding American money. Rather than comply, many banks opted to stop serving American account-holders.
Fabrice Coffrini AFP/Getty Images

A few times a year, the Treasury Department publishes a long list of names announcing all of the Americans who have lately abandoned their U.S. citizenship.

According to the legal website International Tax Blog, the number hovered around 500 a decade ago. Last year, it hit a record high of nearly 3,000.

This was not a gradual change. It was a sudden spike. It's a story of dominoes falling, one after another, leading to an unexpected outcome.

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2:50pm

Fri February 14, 2014
Business

Mixed Reaction To Govt. Marijuana Banking Guidelines

Grace Hood KUNC

Long considered a linchpin in normalizing the legal marijuana trade, the federal government has issued new guidelines clarifying how banks can provide services to marijuana-related businesses.

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