Curtailing Environmental Settlement Deductibility
While some environmental settlements are deductible as ordinary and necessary business expenses under Section 162(a) of the Internal Revenue Code (26 U.S.C. § 162), Section 162(f) of the Internal Revenue Code (26 U.S.C. § 162) prohibits taxpayers from deducting certain types of penalties.
In recent years, the IRS has taken a...
To view the full article, register now.