President Chris Amundson of Accounting Solutions Ltd. recently discussed the implications of the Inflation Reduction Act and the saleable Clean Energy Credits.
"Let me leave you with this: When the Inflation Reduction Act was passed and I read about the credits being saleable, bells and whistles went off in my head. My Brothers and Sisters, I’m telling you now that there’s going to be an enormous amount of fraud connected to this phenomenon," Amundson said.
The Inflation Reduction Act allows for the monetization of Clean Energy Credits, which are created when a renewable energy source sends a megawatt to the energy grid. These credits can then be sold, allowing entities to take advantage of them without having to create them.
Basis Climate, a New York Startup, has created an online digital exchange where these credits are bought and sold. As such, anyone can now buy them at a discount and apply them to their tax returns.
While these credits can be beneficial, Amundson believes there will be an inevitable amount of fraud associated with them. “Hucksters from coast to coast will begin forming LLC’s with believable names like “Energy This” or “Solar That”. They’ll put up fictitious websites with store bought pictures that look absolutely right, drawing in suckers like gnats to a flame,” he said.
Basis Climate has stated they will do everything to verify that the credits are bonafide, but Amundson remains skeptical. "I wouldn’t touch them with someone’s ten foot pole," he said.
Accounting Solutions Ltd. is offering 33% off for the first six months of bookkeeping and / or the first three months of electronic payroll services for those who are interested.
For more information, please visit Accounting Solutions Ltd.’s website at www.AccountingSolutionsLtd.com.
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