Baker Tilly US’ Post

For many of you in the large energy and construction industries the Inflation Reduction Act (IRA) can be meaningful. To learn more about the important prevailing wage and apprenticeship compliance requirements, check out the following information or let me know if you'd like to connect. #IRA https://lnkd.in/dnDt-VjQ

Are you focused on developing clean energy projects and seeking tax credits under the Inflation Reduction Act? If so, you know that the new Prevailing Wage & Apprenticeship requirements are very important. Baker Tilly's energy and compliance teams can help. Join us tomorrow (December 19th) to learn more about the latest IRS guidance and what steps project owners need to take to comply and capture your tax credits. #inflationreductionact #energy Register now!

The IRS has issued final regulations on prevailing wage and apprenticeship requirements, offering up to 30% tax credits for clean energy projects over 1 megawatt built after January 29, 2023. Ensure compliance with these requirements to maximize your savings. Read the full news here: https://bit.ly/3z9uaew #News #AffordableHousing #LIHTC #asset #housing #CleanEnergyTaxCredits #IRSRules #SustainabilityTaxCredits

I recently read with interest a piece in The Times by William Hague calling for a 'trades revolution" to help the UK build more and address the skills shortage which is holding back the construction sector - a problem which is only going to get worse, with The Construction Industry Training Board forecasting that an extra 225,000 workers will be needed by 2027. The article focussed very much on the need to radically shake-up apprenticeships, training and how we make the sector more attractive - all areas which the Construction Leadership Council (CLC) is working on with partners from across the public and private sectors. But what struck me was the size of the prize if we were to make the existing workforce more productive. Recent CLC research - authored by Hannah Vickers and Isobel Drever - shows that a reformed construction sector could save £45bn annually by 2035 through enhanced productivity in how we carry out repairs and maintenance, through to the construction of new homes and major infrastructure projects.   Productivity is measured by output per worker hour, so we’ve got to double down on getting more from the 2.6m people currently working in construction, giving them the right digital tools and embracing industrialised methods, rather than just focussing on adding more people with no increase in efficiency.   In short, instead of enhanced output, a more productive environment could instead reduce skills demand by around 1,000,000 people: 4 x times the 225,000 gap citied by Mr Hague. But delivering this transformative change will take a consistent and close partnership with the Government and shared commitment to act fast for the good of the industry and the UK as a whole. You can read the CLC's Productivity research here: https://lnkd.in/egMt8Cmt #construction #productivity

The IRS has finalized regulations on the Prevailing Wage and Apprenticeship (PWA) requirements under the Inflation Reduction Act (IRA). By meeting these requirements, you can increase your tax credits or deductions by up to 5 times for eligible clean energy construction, alteration, or repair projects. Key PWA Requirements: Prevailing Wages: Pay laborers and mechanics at least the prevailing wage rates. Apprenticeships: Employ qualified apprentices from registered programs. Recordkeeping: Maintain accurate records and reports. Why It Matters: Maximize Benefits: Boost your clean energy incentives. Avoid Penalties: Ensure compliance to avoid significant penalties. Stay proactive and informed to take full advantage of these opportunities.  #SmallBusiness #TaxIncentives #IRSUpdate #CPA

Attention municipalities! 📣   Join #LCPtracker's Business Development Manager, Neil Armour, as he joins Laura Cataldo, Director and Doug Baldessari, Partner with Baker Tilly US to dive into maximizing Inflation Reduction Act (IRA) credit value for municipalities. Learn about the following:   🔍 Briefly review the IRA: Understand the game-changing opportunities it offers for non-taxable entities.   🛠️ Discuss prevailing wage and apprenticeship regulations: Learn how they differ from Davis-Bacon.   👀 Preview our end-to-end compliance solution: See how technology can help establish, monitor, and document compliance effortlessly.   Don’t miss out! Save your spot now: https://lnkd.in/gwZc6fHm #BakerTilly #Compliance #PrevailingWage #IRA #InflationReductionAct #EnergyProjects #Construction #Apprenticeship #ApprenticeshipRequirements #ContractorCompliance #IRARegulations #TaxCredits #PrevailingWage

With the announcement of the 48C awards last week, project owners now know the biggest challenge to receiving the full credit amount is meeting Prevailing Wage and Apprenticeship. No matter where you are in your 48C process, Baker Tilly US's compliance program delivers the transparency you need to understand your compliance position, the team and tools to quickly identify and "cure" compliance issues and the industry leadership in Energy, Manufacturing and Construction to help you meet your certification requirements, stay on schedule and capture the full value of your allocation. Project owners seeking to maximize the value of Inflation Reduction Act tax credits must trust contractors to comply with prevailing wage and apprenticeship (PW&A) requirements. Compliance is not straight forward and as an owner you have signatory and tax credit risk. Baker Tilly US’s solution establishes, monitors and documents all three pillars of compliance. Join me and Neil Armour LCPtracker, Inc. on April 3 to learn more about our PW&A compliance solution. https://lnkd.in/gFkZP4Dc

While the number of commencing apprentices and trainees boomed during 2021-22, completion rates have stayed around 50%. Just 47% of trade apprentices and 53% of trainees qualify to work in their occupation. While there are a number of industry factors contributing to the dropout rates in the apprentice scheme, on top of this, construction and trade-based labour shortages are only set to worsen with a weak trade apprentice pipeline coming through schools – a problem we need to address. Though, did you know that the ‘typical trade apprentice’ profile today, mirrors what it was in 2004. There is a huge opportunity here – we need to start attracting diverse talent into the industry at a grassroots level. We need to start in primary and in high school to show a wider group of students the potential of a trade career and get the right students into these pathways.

Do apprentices or trainees get 2 pay increases per year? If your business engages apprentices or trainees, you really need to understand this and ensure that you are adjusting their wages at the correct time to prevent potential underpayment risks

The Government's first mission is economic growth. For growth to be possible, we need green growth in the UK, Green growth requires businesses to pivot, innovate and grow. These businesses need support, which will probably come partly from accountants—not just any accountant, but green accountants with specialist skill sets—to help them navigate decarbonisation and adapt to the changing world. We currently have a huge shortage of accountants, and even fewer have the knowledge/skills to deliver the necessary strategies. Therefore, we need to train more accountants and invest in higher-level skills to help businesses develop strategies to meet the economy's needs and deliver growth. Instead of making training and development more accessible, the government is consulting on removing some level 7 apprenticeships from the scope of existing funding arrangements. Can someone please explain to me how this makes sense? Confused from Surrey 💚