IRS recognizes the BitGive Foundation as Charitable Org, Won’t tax it
Internal Revenue Service (IRS) has officially recognized the BitGive Foundation as a charitable organization in the US. The first information about the status of the organization came when the BitGive Foundation announced that it has become the first nonprofit Bitcoin organization to achieve 501(c)(3) status.
When some organization is put under 501(c)(3) by the Internal Revenue Service or IRS recognizes officially that it is a charitable organization in the US, any gains made by the organization are not taxed as every money is aimed towards the supported causes.
BitGive executive director Connie Gallippi showed her happiness about the decision by the IRS. She said that the new status does gives the BitGive Foundation legitimacy with the US government, which has been a huge struggle for Bitcoin as far as businesses are concerned. Her charity organization is dedicated to improving the public health and environment worldwide by giving funds that it raises to various philanthropic organizations and projects.
The beautiful part about BitGive Foundation is that whereas so many other such organizations accept fiat in donation, this organization accepts corporate and individual donations in Bitcoin. The major donors to the organization include BitPay, Xapo, LibraTax and Roger Ver among, etc.
Note on bitgive foundation website mension:
“BitGive is an approved 501(c) (3) nonprofit charitable organization. Your donation is tax deductible. You must include your email address with your transaction to receive proof of receipt for your tax records. Gifts of Bitcoin are considered property or Gifts-In-Kind. The BitGive Foundation will not report a value in fiat of these gifts, as is standard practice for gifts-in-kind. Please consult your tax advisor for information about appropriate record keeping.”