The knowledge you need

Construction is one of the highest risk industries in the country. The Bureau of Labor Statistics reports that the industry records more than 1,000 workplace fatalities each year and accounts for roughly 20% of all U.S. workplace deaths. Property damage, equipment theft, vehicle accidents, and hazardous materials also create exposure that can affect cash flow and long-term stability. Most contractors carry multiple insurance policies because no single policy covers every type of loss. Each policy addresses a different risk. Some coverage is required by law or contract. Other policies are optional, depending on the type of work performed.

Employee benefit plan audits are an annual requirement for many organizations that sponsor retirement or benefit plans and meet certain size thresholds. These audits exist to help protect plan participants and ensure that assets are handled in accordance with regulations. The audit is performed by an independent CPA firm, separate from the organization’s internal accounting function, and understanding what auditors look for is the first step to maintaining compliance.

Georgia lawmakers adjourned the 2026 legislative session after approving a series of tax changes affecting both income and property taxes. The package lowers the state income tax rate, limits how quickly home values can increase for property tax purposes, provides one-time rebates, and temporarily suspends the state gas tax. This is welcome news for many Georgia taxpayers that have been expecting relief. Portions of the legislation are already in effect, and others are expected to be finalized soon.

Georgia’s annual conformity bill, HB 1199, was signed into law on March 20, 2026, during the 2025 filing season. The bill updates how the state of Georgia will treat recent federal tax law changes, including provisions in the One Big Beautiful Bill Act (OBBBA). Georgia adopted some of those changes, but not all. As a result, some 2025 Georgia returns may differ from the federal return. Taxpayers who have already filed this year may need to revisit those returns, while others will need to apply the new rules as they complete tax filings and plan for the year ahead.

On February 20, 2026, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) cannot be used to impose tariffs. The Court of International Trade subsequently ordered Customs and Border Protection (CBP) to issue refunds of those tariffs with interest, and CBP is now building a system to process claims. Businesses that were the importer of record may be eligible to recover those amounts, but businesses that purchased goods from a domestic supplier or distributor are generally not eligible. CBP has said the process involves more than $166 billion in duties collected from at least 330,000 importers.

Atlanta area construction companies face a steady stream of financial demands. Cash flow, reporting, compliance, and decision-making all depend on accurate, timely accounting information. In construction, that work often involves more moving parts than general business accounting, including job costing, billing schedules, and changing project conditions. At the same time, many companies are finding it harder to build out a full in-house accounting function. As hiring remains competitive, outsourced accounting has become one way to fill the gaps.

The One Big Beautiful Bill Act (OBBBA) restored 100% bonus depreciation on a permanent basis for qualified property acquired after January 19, 2025. That change is especially important for businesses that make capital investments, including equipment purchases, facility improvements, and construction projects. Later, the IRS released Notice 2026-11 to explain how taxpayers can apply the revised rules. For business owners, the guidance clarifies the timing rules, elections, and other details that can affect eligibility and help businesses maximize the benefit of bonus depreciation.

On February 20, 2026, the Supreme Court ruled that the federal government could not use the International Emergency Economic Powers Act (IEEPA) to impose tariffs. The 6-3 decision invalidates the tariffs that took effect in early 2025 under that law. The decision applies only to tariffs created under IEEPA. It does not change tariffs enacted under other statutes, including those on many building materials. Construction companies still face those costs.

The IRS has finalized instructions for Form 6765, the form businesses use to claim the federal R&D tax credit under Section 41. The credit rules have not changed, but the updated form requires more detail across key areas, with staggered implementation dates. The IRS says the added disclosures are intended to increase transparency and help identify higher-risk claims. For business owners, the R&D tax credit is still a valuable opportunity; however, the updated form will likely require more careful record-keeping and coordination.

Georgia’s 2026 legislative session began on January 12 and runs for 40 legislative days. Lawmakers are deciding how to use about $14 billion in reserves and surplus funds. Proposals on the table include another round of taxpayer rebates, income tax cuts, new limits on property tax increases, and changes to sales tax exemptions for data centers. The outcome will affect what residents and businesses pay in taxes and what resources the state has to fund services. To help clients, prospects, and others, Wilson Lewis has summarized the key details below.