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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n