By Nathan Ferguson
Considering conventional practices, crypto donors and non-profits must fill and submit an IRS Form to register their high valued donations, but Engiven is about to change that.
Engiven, which is an enterprise-level crypto donations platform has been working hard in bringing a positive and convenient change into the tax report filling process regarding crypto-based donations and non-profits. Engiven has now introduced a new way for filing IRS form 8282 and 8283, making it easier to deal with and saving precious time.
Automated Convenience
According to the announcement made by the firm on Tuesday, Engiven now brings an automated system that helps non-profits and cryptocurrency donors with $500 or more worth of donations to create and fill IRS Tax forms automatically.
As mentioned above, traditional methods of filling IRS Forms has been quite inconvenient, because non-profits are required to submit IRS Form 8282 in order to register cryptocurrency donations that are worth $500 or more, which are to be converted back into United States dollars and cryptocurrency donors are also required to do almost the same, but with IRS Form 8283 and attaching their tax return for any donations worth $500 or more than that.
So now, with the automated system introduced by Engiven, life will be much easier. The system will automatically insert the donation information into their respective IRS tax forms and will deliver the finished forms to the non-profits for signatures and registration.
Free Evaluations
As for an added incentive to take advantage of the platform’s functionality, Engiven has announced that they will be giving out a free of cost evaluation to every crypto donor who has generously contributed $5,000 or more when utilizing the platform. Taking more about the evaluations, currently, any donation of $5,000 or more in crypto must be evaluated by a certified and licensed expert and according to some reports, the cost of those evaluations can reach a maximum of $600 depending upon the expert.
Getting Ready for Tax Season
CEO of Engiven James Laurence stated that, as the taxation season is about to commence, Engiven wants to make sure that donors and non-profits are fully equipped with the respective forms in need in order to follow the IRS regulations that are set for crypto donations.