Recently, the US government’s revenue service, the IRS made a few changes to its set of FAQs on crypto assets. Charity organizations that are generally exempted from tax collections have to report virtual currency based donations on Form 990, the agency said on December 26.
Apart from the aforementioned amendment, there’s something else. In certain situations, non-profit organizations are also required to accept a receipt for crypto donations, the IRS clarified.
Accepting Crypto Donations? Report Earnings
Crypto adoption can only take off properly if all utilization scenarios are explored adequately with accompanying regulation. While donors were excused from reporting crypto-based charitable transactions, charities and tax-proof establishments were brought under the purview of revenue declarations in this latest move.
As per the…
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