News & 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
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
IRS will Prioritize Enforcement Under $80B Funding: Large Business and International Division
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
IRC §754 Election: Partner Signature No Longer Required for Partnership Basis Election
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
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
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
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,
IRS on Digital Assets
The Treasury Department is looking to require information reporting on digital asset transactions similar to other financial instruments, such as stocks and bonds. In an