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News and Insights

Under the Basswood Tree Newsletter | Issue 1

Welcome to the first issue of ‘Under the Basswood Tree‘ —Basswood Counsel’s official newsletter!

📌What’s inside?

1. Basswood this Quarter
– Basswood Counsel official launch
– Basswood Counsel joins the Global Chamber Baltimore/Washington region
– Global Integra International Conference Recap

2. Resource Hub
– Beneficial Ownership Information registration deadline approaching

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News and Insights

AI and Legal Practice

The legal profession is often depicted either as an unapproachable, stiff and otherwise rigid collection of humanoids or as disheveled, rambling reciters of riddles, when in fact it is a dynamic, vibrant, and engaged kaleidoscope of tech savvy practitioners. As an industry forever anchored in selling time packaged with accumulated knowledge, establishing and securing enduring competitive advantages and leverage is critical for …

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News and Insights

Basswood Counsel Announces Firm Launch and Addition of Business and Corporate Law Practice

Basswood Counsel, formerly known as Klug Counsel, is pleased to announce its official launch. We are focused on advising clients on complex business transactions, mergers and acquisitions, cross-border deals, corporate law, domestic and international tax planning and structuring, investment management, fund formation, and private wealth planning. Our clients range from…

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News and Insights

Beneficial Ownership Information Report

Starting this year, most companies doing business in the US must report information about their beneficial owners (“BOI” or “BOI report”) to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is based on the Corporate Transparency Act (“CTA”)…

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The Importance of Not Over Blocking for UBIT
News and Insights

The Importance of Not Overblocking for UBIT

Taxes play an important role in the structure of a fund. There are various categories of investors that have different tax implications which will impact the structure of a tax efficient fund. One such group of investors are tax-exempt investors and the planning around Unrelated Business Income Tax (“UBIT”)…

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News and Insights

Klug Counsel PLLC in 2022

We hope you and your family are healthy, safe, and enjoying the holiday season to end 2022. We would like to take this opportunity to update you on exciting developments at Klug Counsel PLLC. We are excited about new members and practice areas that have been added to the firm and the creation of a related entity that will allow us to better serve our clients with accounting and finance support.

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Estate and Gift Tax Exemption Amount to Significantly Increase with Inflation | Klug Counsel
News and Insights

Estate and Gift Tax Exemption Amount to Significantly Increase with Inflation

Every year, the estate and gift tax “basic exclusion amount” (commonly known as the “estate and gift tax exemption amount”) is adjusted for inflation. The Tax Cuts and Jobs Act passed in 2017 doubled the estate and gift tax exemption amount from $5 million to $10 million, adjusted for inflation. The amount is set to go back to $5 million, adjusted for …

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Crypto Brokers and Exchanges Informational Reporting Likely Delayed
News and Insights

Crypto Brokers and Exchanges Informational Reporting Likely Delayed

The Treasury Department (“Treasury”) and the Internal Revenue Service (“IRS”) are likely to delay a January date for crypto brokers and exchanges to begin tracking and reporting data such as customers’ capital gains and losses. The move will delay when the IRS receives the same kind of data from crypto transactions as it receives for stocks…

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Cryptocurrency Losses
News and Insights

Deducting Cryptocurrency Losses

Many investors in cryptocurrencies have seen their investments lose significant value in recent months. U.S. taxpayers who have losses from their digital asset investments or have had them stolen can deduct losses.

For individual taxpayers, typically the loss from the sale of crypto assets will result in a capital loss. Capital losses can offset capital gains, …

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