The Big Beautiful Bill: Summer Tax Drama Unfolds

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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.

The Big Beautiful Bill: Summer Tax Drama Unfolds

Federal Tax Updates

58 minutes

4 months ago

The Big Beautiful Bill: Summer Tax Drama Unfolds

Annie and Roger break down the political maneuvering around the "big beautiful bill" extending the Tax Cuts and Jobs Act, explaining why seemingly simple provisions like no tax on tips and overtime could create major headaches for the 2026 filing season. They examine proposed IRS budget cuts of 37% and workforce reductions of 20% at the same time new tax complexities are being added. The hosts also celebrate the success of the 2025 filing season while questioning whether similar results are possible given the challenges ahead, including new Commissioner Billy Long's appointment and the ongoing uncertainty about when and what form the final legislation will take.

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(00:00) - Welcome to Federal Tax Updates
(02:14) - The Big Beautiful Bill: An Overview
(02:37) - Republican and Democrat Perspectives
(04:04) - Understanding Cuts and Dynamic Scoring
(06:10) - Medicare and Eligibility Changes
(08:23) - State and Local Tax Deduction Debate
(11:13) - House vs. Senate: Political Dynamics
(17:24) - New Proposals: Tips, Overtime, and More
(29:16) - Temporary Tax Law and Its Implications
(33:55) - Challenges with No Tax on Overtime
(39:34) - Successful 2025 Filing Season Recap
(44:45) - Proposed Budget Cuts and Their Impact
(51:44) - New IRS Leadership and Future Outlook
(56:43) - Conclusion and Future Updates

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Connect with the Roger and Annie on LinkedIn
https://www.linkedin.com/in/rogerharrispbs/
https://www.linkedin.com/in/annie-schwab-852418261/

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