Even More on the Big Beautiful Bill

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Federal Tax Updates

Roger Harris, EA and Annie Schwab, CPA

72 episodes

3 days ago

CPAs, Enrolled Agents, and Tax Preparers can keep up-to-date with the latest federal tax information while earning NASBA approved CPE credits and IRS approved CE credits by listening to the bi-weekly Federal Tax Updates podcast. The hosts Roger Harris and Annie Schwab have over 75 years of tax experience between them, which has been featured in various media outlets including Wall Street Journal, USA Today, The Morning Business Report, Bloomberg Business News, and Accounting Today.

All content for Federal Tax Updates is the property of Roger Harris, EA and Annie Schwab, CPA and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Even More on the Big Beautiful Bill

Federal Tax Updates

59 minutes

2 months ago

Even More on the Big Beautiful Bill

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.

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(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

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Annie Schwab

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