Bitcoin Developer Fund Brink Secures Tax-Exempt Status
U.S. bitcoiners can now make tax-exempt donations to fund Bitcoin development.
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501(3)(c) status boosts the project's legitimacy as well as its efficiency in using donations. A new non-profit aiming to fund Bitcoin development education and research has been approved for special tax status, conferring benefits on donors.Brink, which launched in the fall, has been approved as a 503(c)(3) organization according to a Feb. 10 blog post. The status both exempts Brink from federal taxes and provides some interesting benefits to donors, especially considering their use of Bitcoin. Donations to 503(c)(3) organizations in the U.S. have always been an important tax write-off,....
The BitGive Foundation has become the first bitcoin charity to receive a 501 (c) (3) non-profit status with the Internal Revenue Service (IRS), according to a Monday morning announcement. The news comes just one year after the formation of the charity. As part of this major achievement, BitPay, Xapo, LibraTax, Roger Ver, and some others have started a fundraising campaign that will begin today, designed to build long-term funding for charitable giving. "One of our first goals was to secure our 501 (c) (3) status, which enables BitGive to provide US donors a tax deduction for their donation....
Brink, a fledgling Bitcoin non-profit outfit, got the nod from Jack Dorsey via a BTC donation. Jack Dorsey, CEO of social media powerhouse Twitter, has donated 1 BTC to Brink, a non-profit group focused on Bitcoin’s technological framework. “Honored to have received a 1 BTC donation to our developer funding efforts from none other than @jack!,” Brink’s Twitter account posted on Tuesday. At time of publication, that Bitcoin (BTC) is worth $46,824.Reporting earlier this month showed the recently established organization getting 503(c)(3) non-profit status from the Internal Revenue Service,....
Brink, a nonprofit focused on financial support and mentorship for Bitcoin developers, has announced three new grant recipients.
The Norwegian Tax Administration changed its stance and declared Bitcoin transactions exempt from Value Added Tax (VAT) this week. Previously, they were not exempt from VAT, and some claim Bitcoin adoption in the country has been stifled due to the high tax rate. Bitcoin Trade Subject to VAT. In November 2013, the Norwegian Tax Administration issued a....