Author Archives:
Josh Crisp

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) became law, changing several areas of the federal tax code. One of those changes affects Section 1202, which has offered tax benefits for small business investors for more than thirty years. The provision allows qualifying gains from the sale of certain stock to be excluded from federal income tax. It has been adjusted several times since it was introduced, and this latest revision adds new ways for taxpayers to benefit.

Wilson Lewis, a top accounting and advisory firm based in Atlanta, announced today that Ferraro Tax & Accounting CPA (“FTA”) of Alpharetta, GA, has joined the firm. The combination blends two firms with deep local roots and robust service cultures in the Greater Atlanta area. “FTA has a well-deserved reputation for quality, personal attention and expertise in problem-solving highly complex tax scenarios. Their service ethic aligns perfectly with our culture of client engagement and long-term relationships,” said Josh Crisp, CEO of Wilson Lewis.

The One Big Beautiful Bill Act, which was signed into law in early July, calls for several significant changes to various business, individual, estate tax, and energy tax provisions. In many cases, the changes implemented served as extensions of expiring provisions initially called for in the Tax Cuts and Jobs Act (TCJA) Of 2017. However, others are completely new incentives that benefit individuals and families. This includes an extension of the individual tax brackets, the standard deduction, new tip income deduction, and the senior tax deduction.

On July 4th, President Trump signed The One Big Beautiful bill (OBBB) into law, which calls for several individual and business tax cuts and changes. Included within the text where many extenders and updates to changes originally introduced in the Tax Cuts and Jobs Act (TCJA) of 2017. While there were dozens of updates and changes the most prominent include an extension of the Section 199a deduction, full expense of R&D expenses, restoration of 100% bonus depreciation, an increase in the SALT deduction, and calls for an expansion of the Employer Provided Child Care Credit.

For business owners weighing options, the way a business is taxed can shape nearly every decision that follows. The C corporation stands apart from other structures in that it pays taxes as a separate legal entity. That single distinction affects everything from how profits are handled to how much flexibility the business has in managing earnings and benefits.

Commercial property owners are always looking for ways to reduce tax liability and increase cash flow. One strategy that is gaining more attention in recent years is the cost segregation study. This approach helps accelerate depreciation and tax deductions into the early years of property ownership.  Despite its technical nature, cost segregation is based on a simple idea. A building is made up of many parts, and not all of the parts age or wear out at the same pace. Because of that, they don’t necessarily need to be depreciated in the same way. When applied correctly, this strategy can lead to significant upfront tax savings.

Earlier this month Georgia Governor Brian Kemp signed two important parcels of legislation into law. The enactment of House Bill (HB) 111 and 112 provides both tax relief and a surplus refund to full and nonresident income tax filers. The first calls for a continued reduction in the state income tax rate from then original 5.75% to 5.19% effective immediately. The second permits surplus tax refunds to be paid to eligible individuals. The maximum refund is $500 per household with smaller amounts determined by filing status.

On April 3, 2025, a new 25% tariff on imported vehicles went into effect, bringing big changes for auto dealerships across the country. Nearly half of the new vehicles sold in the U.S. each year come from countries like Mexico, Canada, South Korea, Japan, and Germany. The added cost of these tariffs is expected to influence vehicle pricing, inventory decisions, and customer demand at the dealership level.

I want you to imagine hearing the three words, “You have cancer.” Sadly, this has been a reality for more than 1.2 million Americans who are fighting or are in remission from blood cancer.

Atlanta accounting and advisory firm Wilson Lewis was honored this month as one the top regional firms in the U.S.  Accounting Today named Wilson Lewis a 2025 Regional Leader in the Southeast, recognizing the firm on the prestigious list as part of the publication’s annual Top 100 Firms survey.