The tax implications if your business engages in environmental cleanup
If your company needs to “remediate” or clean up environmental contamination, the expenses involved can be tax deductible. Unfortunately, every type of environmental cleanup expense cannot be currently deducted. Some cleanup costs must be capitalized. For example, remediation costs generally have to be capitalized if the remediation adds significantly to the value of the cleaned-up property; prolongs the useful life of the property; or adapts it to a new or different use. In addition to federal tax deductions, there may be state or local tax incentives involved in cleaning up contaminated property. If you have environmental cleanup expenses, we can help maximize the deductions available.
09 Jan 2020 - News