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Jacob
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Supply Network Guru
Re: paper
Jacob   1/16/2014 10:57:28 PM
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"do you think there's a way to shift the judiciary/legality of the e-signatures? Maybe a grassroots effort would help."

Hailey, my answer is yes. Most of the judicial systems won't accept even emails as proof in case of dispute. So in this e-age era such things have to be incorporated or accounted for clarity.

Hailey Lynne McKeefry
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Re: paper
Hailey Lynne McKeefry   1/16/2014 1:25:19 AM
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@Jacob, do you think there's a way to shift the judiciary/legality of the e-signatures? Maybe a grassroots effort would help.

Hailey Lynne McKeefry
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Blogger
Re: paper
Hailey Lynne McKeefry   1/16/2014 1:24:09 AM
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@ariella, you make a good point. People are often a bigger hold up than lack of technology and changing the corporate mindset can be hard. Often this kind of thing is fear based. People have an idea in their heads that e-signatures are less secure or hard to do. I worked at a very large company and the accounting department refused to allow e-signatures on contracts--everyone had to print out the doc, sign in, scan in and send it in. It took so much of everyone's time!

Jacob
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Supply Network Guru
Re: paper
Jacob   1/15/2014 10:48:30 PM
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"As for bitcoins, if you mean in terms of tax deductible receipts, that's something I've wondered about. I even asked someoe at a nonprofit that accepts bitcoin about the tax receipts. "

Ariella, any form of trading with Bitcoin is banned in most of the Asia Pacific countries. Recently RBI (Reserve Bank of India) warned the citizens about trading with Bitcoin and there is no legal status for such trade. I mean we cannot question such things through judiciary.

Jacob
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Supply Network Guru
Re: paper
Jacob   1/15/2014 10:45:46 PM
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"As I printed out the letters for the tax-deductible receipts myself, I can assure you there's no magic seal or identifiable watermark in the paper I used. In fact, most places send pre-printed slips with the essential information that identifies the organization as a recognized nonprofit with the number, etc., and just fill in the names and amounts. You only need this information for your records,"

Ariella, I can understand the need for it and it's ok for recordicall purpose. As long as there is no dispute, it will work fine.

Ariella
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Supply Network Guru
Re: paper
Ariella   1/15/2014 11:38:52 AM
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@tech4people It is an issue that any global organization should have to address -- working with multiple currencies that are not static in value. And you're absolutely right that a strategy will have to be worked out for digital currency, as well.

tech4people
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Re: paper
tech4people   1/15/2014 11:33:24 AM
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Ariella,

Good points!

However,I feel it has more to do with Lack of Traction in the Market-place.Once we have this Traction automatically all the Regulatory,etc hurdles will fall in place.

When It comes to Donations to Non-Profits;How do they handle Euro/Yen/Pound/Franc Donations?

After all these Currencies also fluctuate in Value vs the US Dollar on a Daily basis.

In fact the fluctuations can at times be very violent!

A Similar Regulatory Mechanism will be eventually adapted towards Bitcoins as well.

 

Ariella
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Supply Network Guru
Re: paper
Ariella   1/15/2014 11:26:07 AM
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@Ashish the issue gets complicated because of the huge fluctuations in value for the digital currency. So when a nonprofit would issue a receipt for a donation in bitcoin, what would the tax deduction be worth? Is it the dollar amount the donor paid for the bitcoin, what they were worth on the day of the donation, or what they worth when the nonprofit spent or converted them? I've noticed that some places say they will accept the bitcoin donations but not issue the deductions for them. the fluctuating values also present a problem to retailers who are committed to accepting bitcoing payment but have to offer a policy on returns. I shared an article today on what Overstock intends to do: issue store credit for the amount the bitcoin was worth at the time of initial purchase.

tech4people
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Supply Network Guru
Re: paper
tech4people   1/15/2014 11:19:58 AM
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Ariella,

This is just my personal observation regarding Bitcoins but I feel that become they are just starting to Gain traction today(not yet gained the neccesary amount of Market Moving ability);the IRS is preferred to Ignore it temporarily.

Once You see the Pay in Bitcoin Billboards all over the Country;that's when the IRS will start to get in on the action.

As far as the IRS is concerned they seem to make it a sport of Harassing Honest Taxpayers.Especially those that they "Feel " are not paying up.

More Here

http://www.sovereignman.com/tax/check-out-the-irss-stunning-admission-of-its-own-mafia-tactics-13381/

Regards

Ashish.

Ariella
User Rank
Supply Network Guru
Re: paper
Ariella   1/15/2014 8:48:22 AM
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@Jacob As I printed out the letters for the tax-deductible receipts myself, I can assure you there's no magic seal or identifiable watermark in the paper I used. In fact, most places send pre-printed slips with the essential information that identifies the organization as a recognized nonprofit with the number, etc., and just fill in the names and amounts. You only need this information for your records, as most of the time you will not be asked to show the receipt for proof for your tax deductions unless you get audited -- even then a check record may suffice. 

As for bitcoins, if you mean in terms of tax deductible receipts, that's something I've wondered about. I even asked someoe at a nonprofit that accepts bitcoin about the tax receipts. 

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