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> Why not fold it and move to Bitcoin-only donations? I'm a huge advocate for Bitcoin, but this is a terrible idea. They're trying to support staff and the las
by LyndsySimon 9y ago
> Why not fold it and move to Bitcoin-only donations?
I'm a huge advocate for Bitcoin, but this is a terrible idea. They're trying to support staff and the last thing you want to do in that circumstance is to limit the potential donor pool.
I also don't see how changing the currency of the problematic transactions changes the tax implications.
- bluGill 9y agoIn fact changing currency doesn't change tax implications if you intend to be legal. If you want to be illegal and risk not getting noticed you can hide behind bitcoin but the first auditor will notice this and report "I don't know how much, but there is tax fraud here so lets give maximum fines".
- contingencies 9y agoYes, but folding the entity means in most cases you are no longer liable for those past accounting hiccups. In future, you don't have to pay accountants, or waste time dealing with the state. Immensely practical. As far as donor pools go, if there is no way to obtain a monthly subscription from people via cryptocurrency then build it, as there is clearly demand.