Engiven, a platform for enterprise cryptocurrency donations, has launched a tax form as well as an appraisal service for crypto donations.
Tuesday’s announcement by Engiven announced that the platform allows donors and nonprofits to generate an automatic Internal Revenue Service tax form.
Engiven states that nonprofits must file IRS Form 82282 for crypto donations exceeding $500 if the funds are to be exchanged for U.S. dollars. Donors must file Form 88283 along with their tax returns for donations greater than $500. Engiven automatically inputs donation data into IRS tax forms, and then sends the completed form to nonprofit for them to sign and file.
Engiven will also provide a free appraisal for all cryptocurrency donors who donate $5,000 or more to its platform.
Donors must have crypto valued at $5,000 or more appraised by qualified experts before they can donate it. Tony Oommen (Vice President of Fidelity Charitable), said that a qualified appraisal of crypto can cost anywhere from $100 to $600 to appraise a donation of $5,000.
James Lawrence, Engiven CEO, stated that Engiven’s new tax features and services are designed to allow donors and charities to focus on their mission through the automation of tax form creation.
Lawrence stated that “With tax season approaching, we want donors and nonprofits to the Engiven platform to have the required tax forms pre-filled to comply with IRS regulations regarding cryptocurrency donations.”
Engiven was founded in 2018 and facilitates crypto donations for over 400 religious groups, non-profit organizations, and the Salvation Army charity. Engiven joined forces with the U.S. in February. Figure Skating, the national governing body of figure skating, has partnered with Engiven to allow donations in cryptocurrencies such as Bitcoin (BTC).
Related: Shift4 buys The Giving Block, a payment services provider for $54 Million
Engiven’s new crypto-tax-focused tools were launched amid the April 18th tax deadline. All U.S. residents must file their taxes by April 18. TaxBit, a major crypto tax compliance company, says that crypto users could be spending thousands of dollars each year to generate crypto tax forms. This is without the assistance of automated tax reporting services.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.