A new online tool can help Kansas Businesses identify tax credits and deductions related to clean energy through the Inflation Reduction Act.
The tool, called TaxCred PRO, was developed by FORVIS public accounting firm. To get started, companies answer a few questions, and a quick, customized education report will outline relevant credits and deductions using information provided.
The tool helps businesses explore potential energy projects, such as office renovations, wind energy installations, or electric vehicle fleet upgrades, by providing tailored reports outlining applicable tax provisions and steps for qualifications. TaxCred PRO offers access to expert guidance from FORVIS advisors, ensuring businesses have the support they need throughout the process.
“TaxCred PRO is the result of our commitment to providing practical solutions for businesses seeking to embrace clean energy initiatives,” said Managing Partner Steve Webb. “We understand the importance of simplifying the process of accessing clean energy tax benefits, and TaxCred PRO is designed to do just that.”
Operating independently, TaxCred PRO draws upon IRS regulations and guidance to ensure accuracy in its calculations and reports.
“Our vision for TaxCred PRO extends beyond mere convenience; we see it as a catalyst for positive change in the clean energy landscape of Kansas, to inspire more businesses to explore clean energy projects, or electric vehicle fleet integration,” said Webb.
TaxCred PRO for Clean Energy offers a starting point for those interested in clean energy initiatives. The resulting reports are for educational purposes and provide estimates of potential benefits based on user input. Before proceeding with clean energy endeavors, users should consult with a FORVIS advisor that can provide support for modeling economic benefits, ensuring compliance with requirements, and claiming applicable credits and deductions.
“TaxCred PRO is more than just a tool; it’s a comprehensive solution tailored to meet the needs of businesses,” said the FORVIS team. “Beyond providing estimated tax benefits, it offers access to expert guidance from FORVIS advisors, ensuring businesses make informed decisions every step of the way.”
“At FORVIS, we pride ourselves on being proactive partners for our clients, and TaxCred PRO is a natural extension of that ethos,” said Webb.
FORVIS publishes content on a range of topics, including clean energy tax credits. Stay updated on the latest developments and best practices by visiting their website and navigating the FORsights section.
