Tax Season Is Made Seamless for Organizations & Donors Using The Engiven Platform
Engiven, Inc., a pioneer in the cryptocurrency donation arena, announces the release of its IRS tax form and appraisal service for cryptocurrency donations. The Engiven platform now saves time and adds tremendous value by automatically generating the required IRS Form 8282 for nonprofits and IRS Form 8283 for crypto donors. Additionally, Engiven will provide a free appraisal to all donors who give $5,000 of crypto or more to nonprofits using the Engiven platform.
James Lawrence, Engiven’s CEO explains, “With tax season upon us, we want to ensure that donors and nonprofits on the Engiven platform have the required, pre-filled, tax forms needed to comply with IRS regulations for cryptocurrency donations. By automating the tax form creation process, we hope to bring value to donors and enable nonprofits to save time and free them up to focus on their mission.”
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Engiven’s IRS tax form and appraisal service works as follows. If a cryptocurrency donation of $500 or more is exchanged for USD, it is necessary for the nonprofit to file IRS Form 8282 for the donation. The Engiven platform automatically enters the donation information into the Form 8282 and sends the completed form to the nonprofit to sign and file. If a donor gives a cryptocurrency donation of $500 or more, the donor must file Form 8283 with their tax return for the donation. 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 Engiven platform now automatically sends the donor a contribution receipt with a secure link for the donor to generate their Form 8283 and the appraisal. The appraisal is free to the donor.
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According to Amy Fox, Chief Financial Officer of Players Philanthropy Foundation, “Engiven understands what nonprofits and their donors need when it comes to processing crypto donations. Their new tax form service saves us a significant amount of time and provides the donor with a turn key solution, which until now, was time consuming and expensive.”
Engiven believes cryptocurrency will continue to provide an exceptional tax-based giving opportunity for donors who have been holding crypto long-term, and handling the tax form creation for nonprofits and their donors provides the next level of service to the crypto community.
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