Still Time to Make Bitcoin Donations and Give Less to the IRS
The US Internal Revenue Service (IRS) has committed to cracking down on bitcoin users that may have been evading paying taxes. However, there is still time to make charitable donations to your favorite charities and thereby give a little less to the tax man. Year-End Tax Planning. For federal tax purposes, the IRS treats bitcoin as property, not....
Related News
FEC Allows Bitcoin Donations. This morning, the Federal Election Commission met in an open meeting to discuss Advisory Opinion Request 2014-02 (AO-2014-02) which was originally presented by Sai of Make Your Laws Political Action Committee (PAC) on 2/10/14. Make Your Laws is a non-partisan hybrid Super PAC formed in 2012 that focuses on democratic reform. Today's hearing saw discussion from commissioners on the consequences of any FEC decision, as well as the specifics to the decision itself. Make Your Laws' intent with their Advisory Opinion request is to have the FEC create guidelines for....
FEC Votes 6-0 To Allow Bitcoin Donations. 5/8/14, at an open meeting, the United States Federal Election Commission (FEC) has voted 6-0 to pass the Advisory Opinion Request 2014-02 Draft C which will expressly allow Bitcoin donations to Make Your Laws. This draft, which was today unanimously accepted by the FEC, represents the FEC's bipartisan compromise on the issue of allowing Bitcoin donations. The FEC comes to this watershed decision thanks to an inquiry from Make Your Laws, a hybrid Super Political Action Committee (PAC) that has successfully brought about change from the US....
Those wanting to support the OpenSSL project can now make donations in bitcoin, as well as via more traditional means of payment. First released in 1998, OpenSSL is a commercial-grade, open-source toolkit implementing the Secure Sockets Layer (SSL) and Transport Layer Security (TLS) protocols, as well as a full-strength general purpose cryptography library. Currently at version 1.0.1g, and with 1.0.2 currently in beta, it is estimated that OpenSSL is now used on two-thirds of all web servers. However, the OpenSSL project is headed by a relatively small team with just one full-time....
Charitable crypto campaigns aim to give back this holiday season, demonstrating how effective cryptocurrency and NFT donations can be for donations. The holidays are the perfect time of the year for giving back, and the rise of cryptocurrencies has created even more opportunities for charitable initiatives. This was highlighted during Giving Tuesday 2021, the Tuesday after Thanksgiving which saw over $2.4 million raised in cryptocurrency from the nonprofit fundraising platform The Giving Block.As crypto philanthropy becomes a new subsector of the cryptocurrency economy, some in the....
A political group supporting US Vice President Joe Biden's bid for presidency has announced that they are accepting bitcoin donations. The group called "Draft Biden 2016" will make use of BitPay as its payments processor, which allows donors to make bitcoin donations amounting to as much as $100 per year. "This is in keeping with Vice President Biden's strong support of technology and innovation throughout his career," Draft Biden 2016 director Joseph Schweitzer told The Hill. Bitcoin Donations for Political Causes. Several political campaigns have been looking to solicit support through....