Basswood Counsel – Basswood Counsel

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

Basswood Counsel / July 10, 2024

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 tech start-ups to global companies, high net worth individuals to family offices, investment managers, and entrepreneurs. We are committed to excellence, collaboration, and …

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Beneficial Ownership Information Report

Basswood Counsel / February 20, 2024

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 Overblocking for UBIT

Basswood Counsel / February 6, 2023

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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IRS Delays Implementation of $600 Threshold for Third-Party Payment platforms’ Forms 1099-K

Basswood Counsel / January 4, 2023

For calendar years beginning after December 31, 2022, the third-party payment organizations are required to report payments in settlement of third-party network transactions with any participating payee that exceed a minimum threshold of $600 in aggregate payments, …

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Klug Counsel PLLC in 2022

Basswood Counsel / December 27, 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

Basswood Counsel / November 22, 2022

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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IRS will Prioritize Enforcement Under $80B Funding: Large Business and International Division

Basswood Counsel / November 16, 2022

On August 16, 2022, President Biden signed the Inflation Reduction Act into law. As part of the significant changes made by this legislation, the IRS will receive a budget increase of nearly $80 billion over the next ten years to improve four areas: enforcement, operations support, business system modernization, and taxpayer…

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IRC §754 Election: Partner Signature No Longer Required for Partnership Basis Election

Basswood Counsel / August 11, 2022

Treasury and the Internal Revenue Service (“IRS”) have finalized regulations that eliminate the requirement that an Internal Revenue Code (“IRC”) 754 election statement to adjust the basis of partnership property be signed by one of the partners of the partnership to be valid.

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Crypto Brokers and Exchanges Informational Reporting Likely Delayed

Basswood Counsel / July 27, 2022

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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Deducting Cryptocurrency Losses

Basswood Counsel / July 13, 2022

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, …

Author name: Basswood Counsel

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

Beneficial Ownership Information Report

The Importance of Not Overblocking for UBIT

IRS Delays Implementation of $600 Threshold for Third-Party Payment platforms’ Forms 1099-K

Klug Counsel PLLC in 2022

Estate and Gift Tax Exemption Amount to Significantly Increase with Inflation

IRS will Prioritize Enforcement Under $80B Funding: Large Business and International Division

IRC §754 Election: Partner Signature No Longer Required for Partnership Basis Election

Crypto Brokers and Exchanges Informational Reporting Likely Delayed

Deducting Cryptocurrency Losses

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