Tax

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.

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.

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.

The IRS has released Notice 2026-11, clarifying how 100% bonus depreciation works under the One Big Beautiful Bill Act (OBBBA). The interim guidance outlines the timing rules, available elections, and the types of property that qualify now that the full deduction is back in place. These issues are particularly important for any business investing in equipment, upgrading facilities, or managing multi-year projects. This guidance will ensure businesses can take full advantage of this compelling tax savings tool.

Atlanta small-business owners are operating in a demanding environment. Costs are unpredictable, hiring is competitive, and many industries are working with tighter margins than just a few years ago. In that context, the CPA relationship often goes beyond filing and compliance. Business leaders rely on clear answers, timely turnaround, and guidance that supports better decisions throughout the year.

The Treasury Department and the IRS have released proposed regulations that explain how a new federal income tax deduction for car loan interest will work and how lenders will be expected to report that interest. The proposal would allow eligible taxpayers to deduct up to $10,000 of qualified passenger vehicle loan interest each year and would create information reporting rules for businesses that receive at least $600 of interest in a calendar year on specified passenger vehicle loans from individuals.

Year-end planning looks different for 2025. The One Big Beautiful Bill Act (OBBBA), which passed earlier this year, expanded several deductions and introduced new tax breaks for workers, families, and seniors. It also extended rules that were expected to change. With so many updates in place, a review of personal finances before December 31 can help uncover new tax-saving opportunities for 2025.

The IRS and Treasury have issued the first round of guidance on Trump Accounts in Notice 2025-68. This offers the earliest look at how the new accounts will function when they launch in 2026. Created under the One Big Beautiful Bill Act (OBBBA), Trump Accounts are designed as long-term retirement savings vehicles for children. The program includes a highly anticipated $1,000 federal contribution for eligible children born between 2025 and 2028, provided a parent or guardian elects to open an account. The new guidance explains how those elections will be made, how contributions will be tracked, and what investment options will be allowed during a child’s early years.