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Topic: BitGive first tax exempt bitcoin charity (Read 902 times)
taylortyler
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BitGive first tax exempt bitcoin charity
August 26, 2014, 02:16:47 PM
#1
BitGive, a charitable foundation who utilizes the altruism of the Bitcoin community to improve worldwide public health and environmental issues, announced Monday that they have become the first Bitcoin nonprofit organization to receive official 501(c)(3) status from the IRS, which tremendously validates their charitable efforts.
http://coinfinance.com/news/bitgive-becomes-first-nonprofit-bitcoin-501c3-kicks-off-fundraising-efforts
oceans
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Re: BitGive first tax exempt bitcoin charity
August 27, 2014, 02:04:43 PM
#2
This is great especially since any kind of charity can always do without having any kind of tax to be honest. It's a shame it took this long for a charity to be able to be exempt from tax but again it's another step in the right direction.
allgoodthings1
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Re: BitGive first tax exempt bitcoin charity
August 27, 2014, 02:16:26 PM
#3
Quote from: oceans on August 27, 2014, 02:04:43 PM
This is great especially since any kind of charity can always do without having any kind of tax to be honest. It's a shame it took this long for a charity to be able to be exempt from tax but again it's another step in the right direction.
True that. The EO registering process is extremely long and arduous, and turns away many good charities from seeking this distinction. Fr33 Aid is one that comes to mind.
http://www.fr33aid.com/1163/fr33-aid-abandons-irs-application-qa/
IRS 501(c)(3) Public Charities That Accept Bitcoin
https://bitcointalk.org/index.php?topic=758674.0
Avoid U.S. Taxes on Bitcoin. Give to Charity.
https://bitcointalk.org/index.php?topic=627860.0
franky1
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Re: BitGive first tax exempt bitcoin charity
August 27, 2014, 03:27:24 PM
#4
just a shame they are middle men and not actual people doing front line work. and because im not converting to FIAT to get taxed anyway it has no IRS relevance to me anyway.
but goodluck with their efforts, cant wait to see some video's of wat their funds will actually result in once it reaches the front line
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
montello
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Re: BitGive first tax exempt bitcoin charity
August 28, 2014, 11:17:06 AM
#5
Tax exempt Bitcoin charity is really refreshing and great move in the right direction for BTC development.
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YesBoss69
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Re: BitGive first tax exempt bitcoin charity
August 28, 2014, 12:15:42 PM
#6
These guys have got the limelight already it seems, according to this
http://cointelegraph.com/news/112382/bitgive-officially-recognized-as-charity-by-irs-secures-80-of-funding-target
they've got 80% funding on their most recent project already regardless of the tax exemption ruling.. interesting to see if the momentum keeps up tbh. also noticed ceo is called Gallippi too, shrewd move there i think!
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