Even More on the Big Beautiful Bill

Sep 2, 2025

Ask episode

Chapters

Transcript

Episode notes

Roger and Annie break down the aftermath of Commissioner Billy Long's abrupt departure to become Ambassador to Iceland, leaving Treasury Secretary Scott Bessent as acting commissioner amid widespread IRS staff cuts and uncertainty. They also explore the massive 900+ page "Big Beautiful Bill" (2025 Act), covering everything from permanent individual tax rate changes and Trump savings accounts for children to the new tip and overtime tax exclusions that expire in 2028. The discussion also covers significant business provisions like permanent QBI deductions, higher 1099 thresholds, and the systematic elimination of energy credits through 2028.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome o Federal Tax Updates
(01:03) - Recap of Previous Podcast with IRS Stakeholder Liaison
(01:53) - Discussion on IRS Forums and Observations
(06:14) - Changes in IRS Leadership
(09:19) - Impact of IRS Leadership Changes on Operations
(19:08) - Big Beautiful Bill Overview
(28:05) - Individual Tax Changes in the 2025 Act
(31:28) - Changes to Standard Deductions and Itemization
(33:26) - Paid Leave and Adoption Credits
(35:26) - New Trump Accounts and Education Savings
(39:50) - Tax Benefits for Workers: Tips and Overtime
(46:31) - Senior Tax Benefits and Auto Loan Interest Deduction
(47:57) - Business Tax Provisions: QBI Deduction and Depreciation
(52:44) - Energy Credits and Their Phase-Out
(56:42) - Political Implications and Conclusion

Get NASBA Approved CPE or IRS Approved CE
Launch the course on EarmarkCPE to get free CPE/CE for listening to this episode.

Connect with the Hosts on LinkedIn
Roger Harris
Annie Schwab

Review
Leave a review on Apple Podcasts or Podchaser

Subscribe
Subscribe to the Federal Tax Updates podcast in your favorite podcast app!

This podcast is a production of the Earmark Media

The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

All content from this podcast by SmallBizPros, Inc. DBA PADGETT BUSINESS SERVICES is intended for informational purposes only.