Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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June 11, 2013, 03:14:22 AM |
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It's only a donation if it goes to a legal charity.
That is all.
Says who? Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way. The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes. |
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The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
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wrenchmonkey
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June 11, 2013, 03:34:02 AM |
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It's only a donation if it goes to a legal charity.
That is all.
Says who? Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way. The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes. So they don't get direct tax benefits? Who gives a fuck? Obviously not BFL... |
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Phinnaeus Gage
Legendary
Offline
Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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June 11, 2013, 03:48:39 AM |
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It's only a donation if it goes to a legal charity.
That is all.
Says who? Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way. The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes. So they don't get direct tax benefits? Who gives a fuck? Obviously not BFL... That's not the issue. BFL will get direct tax benefits as long as the expenses are earmarked correctly. |
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wrenchmonkey
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June 11, 2013, 04:03:55 AM |
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It's only a donation if it goes to a legal charity.
That is all.
Says who? Says the IRS. There's no way that BFL will be able to check a charity box on any IRS form for moneys going to developers, albeit the expense(s) can be deducted another way. The same is true for the noble cause they sent 75 BTC to down in Florida if that concerns isn't registered properly in the IRS' eyes. So they don't get direct tax benefits? Who gives a fuck? Obviously not BFL... That's not the issue. BFL will get direct tax benefits as long as the expenses are earmarked correctly. Then what's the issue? |
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Bicknellski
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June 11, 2013, 06:20:44 AM |
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Sickening BFL is just sickening.
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KS
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June 11, 2013, 04:55:24 PM |
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That's for the state of Missouri. They're in KS, with their primary corporation being incorporated in Wyoming. Missouri appears to be completely irrelevant to their current business structure. Most likely, they started the registration process in Mo., then decided to bin it, and just let the thing resolve itself. Assuming, of course, it's actually even the same BF Labs. Their website doesn't seem to be working to be able to view the filings... But at any rate, don't let a rational explanation get in the way of your FUD fest...  There is no penalty associated with "admin dissolution"? What penalty? People voluntarily let businesses lapse all the time, that's why the dissolution process is in place. It essentially is a passive system to dissolve no longer functioning/needed business entities. If you don't manually renew it, it will automatically be dissolved after a certain amount of time. In what sense would it be reasonable for a state to penalize you for simply letting the thing lapse. Do you get penalized if you stop renewing your driver license, if you no longer live in that state? No, but if you want to renew it, you'll have to re-file some paperwork, and repay some fees, there's usually some sort of grace period that allows you to reinstate an expired license without having to re-file everything. Business licensing works the same way. In some states, that grace period is up to 3 years. If you go back within 3 years and pay the normal annual fees, plus a nominal service charge (usually $10-$50) you can renew a lapsed business entity and immediately resume business operations within that state, often, this can be done on the state website. Having formed, dissolved, restructured, bought, and sold several businesses, I can assure that it's really WAAAAY less of a big deal that a lot of people assume. I'm missing some part of your reasoning. BFL is an active business, yet letting their business license lapse is AOK? |
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FloridaBear
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August 11, 2014, 07:05:41 PM |
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BFL is now 59.6% complete with their 1000BTC project (I can't bring myself to call it a charity).
2014 Year-To-Date Donation total: 0 BTC
Note, they forgot to list a 25 BTC donation to the Lifeboat bitcoin endowment fund that brings the total to 596 (site still says 571).
So, still 404 BTC outstanding...
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Chopperman
Member
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Activity: 68
Merit: 10
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August 12, 2014, 01:12:45 AM |
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BFL is now 59.6% complete with their 1000BTC project (I can't bring myself to call it a charity).
2014 Year-To-Date Donation total: 0 BTC
Note, they forgot to list a 25 BTC donation to the Lifeboat bitcoin endowment fund that brings the total to 596 (site still says 571).
So, still 404 BTC outstanding...
As noted in the BFL fucks us thread, the Lifeboat thingy website lists BFL Josh as a board member, so no surprise there. |
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bigasic
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August 12, 2014, 01:16:35 AM |
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Yea, thought t was hilarious that they made a non profit to over see their donations.. I thought that was the whole idea of a non profit... They just cant bare to part with that type of money. What should have been done is put it in the wording that BFL nor any of its contractors, employees, etc cannot say where that money goes.. and it should have gone to an already established non profit, not a non profit to profit BFL.. what a joke..
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Syke
Legendary
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Activity: 3878
Merit: 1193
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August 12, 2014, 01:23:35 AM |
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Yea, thought t was hilarious that they made a non profit to over see their donations..
Actually, they didn't. All they did was create a website and sent some bitcoins from one wallet of theirs to another wallet of theirs. There is no non-profit status whatsoever to it. BFL, the for-profit company, is 100% still in control of those bitcoins. |
Buy & Hold
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Gleb Gamow
In memoriam
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Activity: 1428
Merit: 1145
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August 12, 2014, 04:24:46 AM |
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Yea, thought t was hilarious that they made a non profit to over see their donations..
Actually, they didn't. All they did was create a website and sent some bitcoins from one wallet of theirs to another wallet of theirs. There is no non-profit status whatsoever to it. BFL, the for-profit company, is 100% still in control of those bitcoins. They did send some coins to Sean's Outpost, of which is verifiable. |
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Syke
Legendary
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Activity: 3878
Merit: 1193
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August 12, 2014, 05:08:50 AM |
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Actually, they didn't. All they did was create a website and sent some bitcoins from one wallet of theirs to another wallet of theirs. There is no non-profit status whatsoever to it. BFL, the for-profit company, is 100% still in control of those bitcoins.
They did send some coins to Sean's Outpost, of which is verifiable. Oh, I see the confusion in my wording. Let me rephrase it. "BFL is in control of the bitcoins that have not yet been donated to charities." |
Buy & Hold
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