Administrative:
Colorado DOR Lists Cryptocurrency as a Form of Payment Option for Certain Taxpayers
Revenue Online: Payment Options – Make a Payment, Colo. Dept. of Rev. (9/22). The Colorado Department of Revenue (Department) is listing “cryptocurrency” as a form of tax payment option for certain Colorado taxpayers, allowing cryptocurrency payments through the “PayPal Cryptocurrencies Hub” for a service fee of $1.00 plus 1.83% of the payment amount. The Department’s website lists the following cryptocurrency payment processes and restrictions:
Only “PayPal Personal accounts” may pay using cryptocurrency; “PayPal Business accounts” cannot pay using cryptocurrency at this time;
Taxpayers must have the entire value of the invoice in a single cryptocurrency in their PayPal Cryptocurrencies Hub;
Fees such as “PayPal purchase fees,” when buying cryptocurrency through PayPal, or miner/gas fees, when transferring cryptocurrency from an external wallet to PayPal Cryptocurrencies Hub, may apply; and
Transfers from external wallet to “PayPal wallet” must be done via the “PayPal mobile app.”
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