BitGive Becomes First IRS Tax Exempt Bitcoin Charity

By August 26, 2014Bitcoin Business

The BitGive Foundation announced today that it has become the first nonprofit bitcoin organization to achieve 501(c)(3) status, meaning the Internal Revenue Service (IRS) officially recognizes it as a charitable organisation in the US.

This means that any gains made by the foundation will not be taxed, thus directing more money to its supported causes.

BitGive executive director Connie Gallippi told CoinDesk that it is about more than just money, however: “It does give us legitimacy […]

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