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Environmental Cleanup Costs Now Deductible - 07/1994 - Wood LLP
Get Environmental Cleanup Costs Now Deductible - 07/1994 - Wood LLP
Senaing the month and year of the issue desired, along with a $10 check per issue ordered to: by Robert W. Wood San Francisco T he topic of environmental cleanup payments and their tax treatment has become a virtually interdisciplinary topic that taxpayers and their advisors cannot stop discussing. Given the dollars often at stake, and the pervasiveness of these types of payments, this perhaps comes as no surprise. And, the issue is directly related (or at least it has been so treated) t.
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Bmied FAQ
It holds that, for a taxpayer who ordinarily works in a particular metropolitan area but who is not regularly employed at any specific work location, daily transportation expenses are deductible business expenses when paid or incurred by the taxpayer in going between the taxpayer's residence and a temporary work site ...
ing to basic accounting information, in most cases, environmental remediation costs can be deducted as ordinary and reasonable business expenses. However, not all of these remediation costs are expensed. In some cases, environmental cleanup costs are capitalized and then depreciated over a number of years.
Revenue Ruling 94-38 specifically provides that environ- mental cleanup costs relating to soil and groundwater remediation can be currently deductible, rather than capital- ized and depreciated over the life of the benefit provided by the expenditure.
If your company will benefit from the cost beyond one accounting period (typically a year), as discussed above, you may need to capitalize it. It must be capitalized and treated as an asset when it provides an economic benefit for a foreseeable period of time.
A taxpayer may elect to treat any qualified environmental remediation expenditure which is paid or incurred by the taxpayer as an expense which is not chargeable to capital account. Any expenditure which is so treated shall be allowed as a deduction for the taxable year in which it is paid or incurred.
Mold removal does not alter the building or adapt it to a new or different use so it can be considered a current expense instead of a capital expense which gets added to the tax basis of an asset and only provides a tax benefit by depreciation.
ENVIRONMENTAL CLEANUP COSTS ARE DEDUCTIBLE BUSINESS EXPENSES, IRS RULES. Tax Notes.
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