Beware of the Tax Code Bearing Gifts
September 30, 2013Peter Blumkin, Senior Manager, Tax Group, is quoted extensively in an article in Accounting Today that looks at the depreciation and expense provisions of the IRS Tax Code allowing taxpayers to recover the cost of property through an annual allowance. But many business owners forget that when they sell an asset, the IRS can take their depreciation allowance back, often at the highest possible tax rate.