Beware of the Tax Code Bearing Gifts

August 30, 2013

Many business owners take advantage of the depreciation and expensing providing in the IRS Tax Code to make purchases toward the end of the year. But they forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate. Peter Blumkin, Senior Manager in the Marks Paneth Tax Group, discusses the ramifications in an article in Accounting Today.