As corporate responsibility continues to create headlines and play a fundamental role in today’s business world, Elliott Davis is committed to offering necessary services to our customers and prospective customers. Our dedicated team provides insight, direction, and in-depth knowledge about clean energy tax credits, climate and greenhouse gas reporting readiness, assurance requirements, program implementation, reporting requirements, and carbon footprint strategy. We share insights on the regulatory landscape and how your company must prepare for required reporting, but also benefit from sustainability best practices and related tax incentives.
What is sustainability
Sustainability in business means conducting operations to consciously avoid negative impacts to the environment and your surrounding community. The goal is to ensure that short-term profits don’t become long-term liabilities.
Research shows that companies with high sustainability ratings have a lower cost of debt and equity, and that sustainability initiatives can improve financial performance while encouraging public support. In other words, “doing good” has a direct impact on your company’s ability to “do well.”
What does sustainability
have to do with accounting?
Congress has enacted tax credit programs to encourage corporate responsibility through investment in sustainable practices that create jobs and reinvigorate communities. Under the new rules, taxpayers can qualify for significant credits to offset their federal income tax liability, while taxpayers with no federal tax liability can collect cash through direct payments from the IRS or the transfer of unused clean energy credits on the open market. There are a variety of credits available that may positively impact your tax strategy and, in turn, your ESG strategy.