Renewable energy is a growing segment of commerce, both globally and throughout the U.S.
Biofuel production not only provides alternative, cost-effective options to reduce petroleum consumption, it also provides marketable tax credits in the form of Renewal Identification Numbers (RINs).
However, if you are a producer of biofuels and want to take advantage of the tax credits (using them or selling them), your organization will need to comply with the E.P.A.’s Renewable Fuel Standards (RFS) Program.
As part of the compliance requirements, all renewable fuel producers and importers who generate RINs must meet specific reporting, recordkeeping and attest requirements. These requirements are contained in the Code of Federal Regulations (CFR) Title 40: Protection of the Environment, Part 80 – Regulation of Fuels and Fuel Additives.
RFS Program Requirements can be referenced as follows:
– RIN separation requirements – §80.1429
– Reporting requirements – §80.1451
– Recordkeeping requirements – §80.1454
– Annual attest requirements – §80.1464
Morice, Layton & Fagan has experience in providing the attest services required under the Renewable Fuel Standards program. We have the expertise to efficiently review your RIN production records and to perform the required procedures necessary as part of the RFS program. We provide these services nationally. If you are seeking a CPA with expertise in providing attest services required by the E.P.A.’s RFS program, call or contact us today.