Engiven, Inc. Launches IRS Tax Form and Assessment Service for Cryptocurrency Donations
Tax season is made transparent for organizations and donors using the Engiven platform
SAN DIEGO, March 29, 2022 /PRNewswire/ — Engiven, Inc., a pioneer in cryptocurrency donations, announces the release of its IRS tax form and assessment service for cryptocurrency donations. The Engiven platform now saves time and adds tremendous value by automatically generating the required IRS Form 8282 for nonprofit organizations and IRS Form 8283 for crypto donors. In addition, Engiven will provide a free evaluation to all donors who donate $5,000 of crypto or more to non-profit organizations using the Engiven platform.
James Lawrenceexplains the CEO of Engiven, “With tax season approaching, we want to make sure donors and nonprofits on the Engiven platform have the pre-populated tax forms needed to comply with IRS regulations for crypto donations. By automating the process of creating tax forms, we hope to bring value to donors and enable charities to save time and focus on their mission.”
Engiven’s IRS tax form and assessment 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 donation information into Form 8282 and sends the completed form to the nonprofit for signature and filing. If a donor makes 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 significant expense for the donor. The Engiven platform now automatically sends the donor a contribution receipt with a secure link allowing the donor to generate their 8283 form and the expertise. The expertise is free for the donor.
According to Amy FoxChief Financial Officer of Players Philanthropy Foundation, “Engiven understands what nonprofits and their donors need when it comes to processing crypto donations. Their new tax forms service saves us a lot of time and provides the donor with a turnkey solution, which until now was time-consuming and expensive.”
Engiven believes that cryptocurrency will continue to provide an exceptional tax gifting opportunity for donors who hold crypto long-term, and managing the creation of tax forms for nonprofits and their donors provides the next level. service to the crypto community.
Founded in 2018, Engiven is a leading provider of cryptocurrency donation services to nonprofits and faith-based organizations. The Engiven platform provides a highly automated crypto donation solution that includes blockchain monitoring, auto-exchanges, gift receipts, bank deposits, IRS tax form creation, custody options and a suite full of developer APIs. Engiven’s nonprofit clients include some of the most respected charities and government departments in United States including the Salvation Army, US Figure Skating, Compassion International, Texas A&Mand North Point Ministries. Engiven does not provide tax advice. Please consult your tax advisor before filing your return. For more information about Engiven, visit https://engiven.com
SOURCE Engiven, Inc.