Crypto Donation platform Engiven, Inc. has rolled out a service that automatically generates the required Internal Revenue Service (IRS) tax forms 8282 for nonprofits and 8283 for crypto donors. It will also provide a free appraisal to all donors who give $5,000 of crypto or more to nonprofits using the Engiven platform.
This move makes the tax season seamless and save time for organizations and donors using the Engiven Platform. The platform ensures that donors and nonprofits have the required, pre-filled, tax forms needed to comply with IRS regulations for cryptocurrency donations.
According to IRS, if a cryptocurrency donation of $500 or more is exchanged for US dollar, it is necessary for the nonprofit to file IRS Form 8282 for the donation. In the same way, if a donor gives a cryptocurrency donation of $500 or more, the donor must file Form 8283 with their tax return for the donation.
The Engiven platform automatically enters the donation information into the Form 8282 or Form 8283 and sends the completed form to the nonprofit or donor to sign and file.
Additionally, if the donation is $5,000 or more, the donor must also obtain an appraisal, which can be a major expense to the donor. The platform now automatically sends the donor a contribution receipt with a secure link for the donor to generate their Form 8283 and the appraisal, which is free for the donor.
According to Engiven, the platform provides a highly automated crypto giving solution that includes blockchain monitoring, automatic exchanges, gift receipts, bank deposits, IRS tax form creation, custody options, and a full suite of developer APIs.
Engiven’s nonprofit clients include some of the most respected charities and ministries in the U.S., including The Salvation Army, US Figure Skating, Compassion International, Texas A&M, and North Point Ministries.
Last month, the Engiven Charitable Foundation (ECF) also launched a Ukraine Emergency Relief Fund which provides the ability for crypto donors to support Ukraine relief efforts to nonprofit organizations who are currently engaged in humanitarian relief work in Ukraine.
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