Author name: Basswood Counsel

Basswood Counsel (formerly Klug Counsel) provides sophisticated tax planning and structuring for federal, state and international taxation to corporations, partnerships, private equity funds, nonprofits, individuals and family offices.

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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 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

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”)…

The Importance of Not Over Blocking for UBIT
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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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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.

Cryptocurrency Losses
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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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