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Breaking: Colorado becomes the first state to accept Bitcoin as payment for taxes

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Breaking: Colorado becomes the first state to accept Bitcoin as payment for taxes


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(Kitco Information) – The U.S. state of Colorado has simply develop into the primary state to just accept crypto for tax funds. Colorado Governor Jared Polis introduced the brand new improvement on the Denver Startup Week on Monday. 

In keeping with the Colorado Division of Income’s (CDR) web site, “cryptocurrency” is now listed as a type of cost, with crypto transactions facilitated by way of the “PayPal Cryptocurrencies Hub.”

Based mostly on the foundations outlined by the CDR, cryptocurrency funds will solely be obtainable on PayPal private accounts, and customers are required to have the complete worth of an bill held in a single cryptocurrency of their PayPal crypto hub account. 

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Enterprise accounts aren’t permitted to make cryptocurrency funds presently. The charge to make use of the service is $1.00 plus 1.83% of the cost quantity. Further charges, reminiscent of PayPal buy charges or miner/fuel charges might also apply. 

Crypto cost choices at present supported by PayPal embody Bitcoin (BTC), Ether (ETH), Bitcoin Money (BCH) and Litecoin (LTC). 

This improvement from Polis is no surprise because the governor, who was elected in 2019, is a long-time crypto advocate and one of many co-founders of the Congressional Blockchain Caucus in 2016. 

As an fascinating facet notice, Governor Polis accepts marketing campaign contributions within the type of crypto and is at present fundraising for his reelection marketing campaign by promoting nonfungible tokens (NFTS) for $52.80 every. As of Monday, 175 of the NFTs have been bought since June. 



Earlier in 2022, Polis expressed his intentions to push for crypto tax funds within the state, which has now develop into a actuality. 

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“As a state, we’re on the forefront of digital innovation, whether or not it is making use of blockchain and shared-ledger expertise as a brand new mannequin for funding, or whether or not it is merely being consumer-friendly and ensuring that we permit for the form of innovation that can disrupt legacy enterprise practices and authorities practices to make them extra environment friendly,” Polis mentioned throughout an occasion this week, based on the Denver Enterprise Journal. 

Following this new integration, Colorado residents can use cryptocurrency to pay particular person earnings tax, enterprise earnings tax, gross sales and use tax, withholding tax, severance tax and excise gasoline tax.
 

Disclaimer: The views expressed on this article are these of the creator and should not replicate these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of knowledge offered; nevertheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any change in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from using this publication.



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Toyota Game Recap: 12/22/2024 | Colorado Avalanche

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Toyota Game Recap: 12/22/2024 | Colorado Avalanche


ColoradoAvalanche.com is the official Web site of the Colorado Avalanche. Colorado Avalanche and ColoradoAvalanche.com are trademarks of Colorado Avalanche, LLC. NHL, the NHL Shield, the word mark and image of the Stanley Cup and NHL Conference logos are registered trademarks of the National Hockey League. All NHL logos and marks and NHL team logos and marks as well as all other proprietary materials depicted herein are the property of the NHL and the respective NHL teams and may not be reproduced without the prior written consent of NHL Enterprises, L.P. Copyright © 1999-2024 Colorado Avalanche Hockey Team, Inc. and the National Hockey League. All Rights Reserved. NHL Stadium Series name and logo are trademarks of the National Hockey League.



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Colorado authorities shut down low-income housing developer

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Colorado authorities shut down low-income housing developer


The Colorado Division of Securities is pursuing legal action against a man whom it claims deceived investors and used the ownership of federally supported low-income housing projects to line his own pockets. 

Securities Commissioner Tung Chan announced its civil court filings against Michael Dale Graham, 68, on Nov. 12. 

Chan’s office filed civil fraud charges against Graham, and also asked for a temporary restraining order and freezing of Graham’s assets and his companies’. A Denver district court judge immediately granted both. Since then, two court dates to review the those orders have canceled; a third is scheduled for mid-January.

Graham operates Sebastian Partners LLC, Sebastiane Partners LLC, and Gravitas Qualified Opportunity Zone Fund I LLC (“GQOZF”), all of which were controlled by Graham during his “elaborate real estate investment scheme,” as described by the securities office in a case document.

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The filing states Graham collected more than $1.1 million from eight investors to purchase three adjacent homes in Aurora. The Denver-based Gravitas fund and its investors purportedly qualified for the federal Qualified Opportunity Zone (QOZ) program with the homes. Qualified Opportunity Zones were created by the Tax Cuts and Jobs Act passed by Congress in 2017. The zones encouraged growth in low-income communities by offering tax benefits to investors, namely reductions in capital gains taxes on developed properties.

A file photo of a suburban housing development in the Denver metro area. 

Paul Souders/WorldFoto & Getty Images


Graham formed Gravitas in early 2019 and purchased the three homes located in the 21000 block of E. 60th Avenue two years later. He quickly sold one of them with notifying investors, according to the case document. While managing the other two, Graham and Gravitas transferred the fund’s assets and never operated within QOZ guidelines to the benefit of its investors or the community, according to the state. 

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Gravitas also transferred the titles for the two properties to Graham privately. As their owner, Graham obtained undocumented loans from friends totaling almost $600,000. The two loans used the two properties as security. 

Gravitas investors were never informed of the two loans, according to the case document. Also, Gravitas never sent its investors year-end tax reports, the securities office alleges. 

Graham used the proceeds of the loans for personal use. No specific details were provided about those uses.

“Effectively, Graham used Gravitas as his personal piggy bank,” as stated in the case document, “claiming both funds and properties as his own. Graham never told investors about the risks associated with transferring title to himself. On September 1, 2023, he sent a letter to investors, stating that the properties ‘we own’ are doing well and generating growth due to record-breaking home appreciation. But Gravitas no longer owned the properties.

“Gravitas no longer had assets at all.” 

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Furthermore, the securities office said Graham failed to notify investors of recent court orders against him in Colorado and California. In total, Graham was ordered to pay more than $1 million in damages related to previous real estate projects.

Graham’s most recent residence is in Reno, Nev., according to an online search of public records. He evidently has previously lived in Santa Monica, Calif., and Greenwood Village.

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Colorado weather: Temperatures staying in the 60s Sunday

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Colorado weather: Temperatures staying in the 60s Sunday


Colorado weather: Temperatures staying in the 60s Sunday – CBS Colorado

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Watch meteorologist Callie Zanandrie’s forecast.

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