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

Basswood Counsel July 10, 2024

News and Insights

Foreign Company Acquisition of U.S. Company and Need for Professionals in Each Relevant Jurisdiction

When there is a cross-border merger and acquisition there are additional complexities to plan for, typical acquisition planning in one country may be different than in another country, and the resulting tax implications can be significant. We have represented both the acquiror and target in a number of cross-border acquisitions and getting the right result requires a careful analysis of the tax implications involved. What may seem like a very small detail may have very serious tax implications that greatly impacts the result of the acquisition for either the acquiror or target.

Christopher Klug April 16, 2024

News and Insights

Be Careful When the Terms of An Acquisition Seem Too Good to be True – They Usually Are

Christopher Klug April 2, 2024

News and Insights

ERC – Voluntary Disclosure Program Overview (Employee Retention Credit Series)

The ERC was first introduced in March 2020 to help employers retain employees through the Covid-19 pandemic. The IRS has made it a priority to recover wrongly claimed refunds through the ERC. Given the ERC required…

Christopher Klug March 19, 2024

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.

Christopher Klug March 5, 2024

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”)…

Basswood Counsel February 20, 2024

Tax Reminders for Target Companies in Mergers & Acquisitions

News and Insights

Target Company: Be Careful in Changing its Tax Status Preacquisition at the Insistence of the Acquiror

Target companies in mergers and acquisitions are often directed by the acquiror to change its tax classification preacquisition for U.S. tax purposes. There are several reasons that an acquiror may request the target company to change its tax classification. For example, the acquiror may not want an entity taxed as a c-corporation in its portfolio of companies.

Christopher Klug February 6, 2024

News and Insights

Immediate Action to Apply for the ERC – Voluntary Disclosure Program

It is important for employers who made questionable claims for the Employee Retention Credit (“ERC”) to take immediate action to determine whether the ERC Voluntary Disclosure Program (“ERC VDP”) is their best compliance option. Since the ERC required no formal approval process other than the employer to file their employment tax returns or amended employment tax returns …

Christopher Klug January 23, 2024

News and Insights

A Toast to 2023: Significant Developments from Klug Counsel

We would like to take this opportunity to share some exciting developments at the firm that further our commitment to provide customized services to our clients.

Christopher Klug January 18, 2024

News and Insights

U.S. Taxation of U.S. Citizens Living Abroad, Including Planning Opportunities

U.S. citizens are subject to tax on their worldwide income no matter where in the world they reside.

Christopher Klug September 19, 2023

News and Insights

U.S. Taxation of Foreign Nationals Working in the U.S., Including Planning Opportunities

As multinational corporations continue to expand their operations globally, they must navigate a complex web of tax regulations and laws. It is essential that they take a comprehensive approach to tax planning and not make decisions solely based on the U.S. tax implications.

Christopher Klug August 16, 2023

News and Insights

U.S. Taxation of U.S. Citizens and U.S. Tax Residents Residing Overseas

U.S. citizens and U.S. tax residents (“U.S. Persons”) are taxed in the United States on their worldwide income no matter where in the world they reside. The U.S. taxes based on citizenship, which is different than almost all other countries in the world that tax based on residence.

Christopher Klug June 6, 2023