The Giving Block, an online platform that allows nonprofits and charities to accept donations of digital assets, has launched a service tailored to donors who want to send large amounts of cryptocurrency.
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In an announcement Wednesday, The Giving Block said it has partnered with cryptocurrency tax startup Taxbit, New York-based accounting firm Friedman LLP, and Ren to start a service aimed at individuals, institutions and advisers looking to reduce your tax exposure when donating cryptocurrencies. Giving Block co-founder Pat Duffy said Private Client Services streamlines their existing donation process, allowing “high-value donors to give great gifts to their favorite charities quickly and safely, while reducing their tax bill.”
According to the platform, people who want to make large donations in crypto, including “illiquid small and mid-cap cryptocurrencies” now have more opportunities to reduce their capital gains tax and potentially increase deductions when the time comes to report to the IRS. . The Giving Block’s “high-value givers” have access to cryptocurrency tax experts, accounts, and appraisers to facilitate transaction and subsequent filing.
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