September 02, 2025

Even More on the Big Beautiful Bill

59 minutes

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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Roger Harris
Annie Schwab

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