October 31, 2014
Robert Spielman, Tax and Business Services Partner, Quoted in Long Island Business News Article, "Expiring Tax Breaks? It's Anyone's Guess."
By Claude Solnik
Many accountants are trading their calculators for crystal balls.
While expert, informed number-crunching will always be the professional accountant’s hallmark, the expiration of certain business-related tax breaks – and the possibility that some may be renewed – are making it difficult for accountants to make tax-planning decisions and otherwise advise clients.
A provision known as “bonus depreciation,” which allows firms to depreciate half the cost of some equipment and infrastructure improvements, expired this year. That followed drastic 2013 reductions to Section 179, another form of accelerated depreciation, while the sun has also set on a popular research-and-development tax credit – though that one could be revived, perhaps retroactively, later this year.
“Make your best business decision and don’t let taxes control your decisions,” said Robert Spielman, a tax partner at Marcum in Melville. “Though that’s easier said than done sometimes.”