Baker Tilly Launches Comprehensive Compliance Solution for Clean Energy Tax Credits Under IRA

Chicago, IL, March 4, 2024 - Baker Tilly US, LLP (Baker Tilly), a leading advisory CPA firm, today unveiled a groundbreaking compliance solution designed to help clean energy projects maximize tax credits available through the Inflation Reduction Act (IRA) by adhering to Prevailing Wage & Apprenticeship (PW&A) requirements. This innovative tool aims to simplify the complex compliance landscape, offering a full suite of services to ensure organizations can fully leverage the financial benefits of the IRA's enhanced credits for clean energy initiatives.

Revolutionizing Clean Energy Compliance

The IRA represents an unprecedented push towards incentivizing clean energy in the U.S., allowing both taxable and tax-exempt organizations to benefit from tax credits for adopting green solutions. However, navigating the intricate PW&A requirements has proven challenging for many. Baker Tilly's solution provides a technology-driven approach to manage compliance effectively, ensuring organizations can access a 5x enhanced credit under sections 45 and 48 of the IRA. Through a partnership with LCPtracker, a trusted cloud-based prevailing wage management system, Baker Tilly's platform captures and validates payroll information, streamlining the compliance process.

Addressing Compliance Challenges

Tom Unke, a partner at Baker Tilly and practice leader for energy, industrial, and consumer products, highlights the critical need for this solution, acknowledging the difficulties project managers face in accessing and utilizing IRA PW&A incentives. The firm's end-to-end solution not only demystifies the compliance process but also offers a level of assurance unattainable through traditional methods. Cory Wendt, a principal at Baker Tilly, further explains that the IRA's PW&A requirements differ significantly from other federal regulations, necessitating a tailored approach to compliance.

Partnership for Progress

Baker Tilly and LCPtracker's collaboration marks a significant step forward in facilitating clean energy projects' compliance with IRA mandates. Amanda Hesse, Chief Revenue Officer at LCPtracker, expressed enthusiasm about the partnership, emphasizing the potential to transform how organizations approach prevailing wage and apprenticeship requirements. This collaboration not only reduces the risk associated with non-compliance but also empowers organizations to efficiently navigate the complexities of the IRA, promoting a broader adoption of clean energy solutions.

As the world moves towards a more sustainable future, initiatives like Baker Tilly's compliance solution for clean energy projects under the IRA are critical in reducing barriers and encouraging investment in green technologies. By simplifying the compliance process, Baker Tilly not only aids organizations in maximizing their tax credits but also contributes to the broader goal of environmental sustainability. This effort reflects a growing recognition of the importance of supporting clean energy projects through accessible and manageable compliance pathways, ensuring that the benefits of the IRA reach as many organizations as possible.