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

Creators and Guests

Annie Schwab, CPA
Host
Annie Schwab, CPA
Franchisee Operations Manager at Padgett Business Services
Roger Harris, EA
Host
Roger Harris, EA
President at Padgett Business Services
Even More on the Big Beautiful Bill
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