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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

Restructuring the Family Office to Significantly Increase Assets in the Dynasty Trust

Almost all family offices have a structure that includes ownership of the family office partially through a dynasty trust for efficient estate and gift tax planning. The assets held in a dynasty trust are generation skipping transfer tax exempt and therefore the assets that are held in the dynasty trust are not subject to estate tax at each generational level, thus avoiding a haircut of wealth of 40 percent…

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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

Employee Retention Credit (Employee Retention Credit Series)

The Employee Retention Credit (“ERC”) was first introduced in March 2020 to help employers retain employees through the Covid-19 pandemic.  The Internal Revenue Service (“IRS”) has made it a priority to recover wrongly claimed refunds through the ERC. 

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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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