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Membership Interest for Services and Purchaser’s Tax Liability
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Membership Interest for Services and Purchaser’s Tax Liability

The after-tax proceeds of the sale of a business is of the utmost importance to sellers. Too often sellers agree to holdbacks or a reduction in purchase price for alleged tax issues raised by the purchaser during due diligence where the purchaser bears no actual risk.

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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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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
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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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News and Insights

Bitcoin Miners Experience Significant Losses Over Declining Market Prices

The recent decline in market prices for Bitcoin has taken a toll on miners, who have seen their profits slashed. According to data from BitInfoCharts, the average daily revenue for a Bitcoin miner has declined from around $13,000 at the beginning of 2018 to just $4,000 by mid-November. This sharp drop in income has forced many miners to abandon…

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