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.
Originally published on Fri May 2, 2014 12:47 pm
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.
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:
Originally published on Thu February 20, 2014 6:32 am
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.
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.