July 21, 2025

One Big Beautiful Bill Passes: Everything You Need to Know

1 hour 2 minutes

Washington DC tax expert Thad Inge joins the show again for a deep dive into the Big Beautiful Bill. He breaks down the tax legislation that extends TCJA provisions and introduces new benefits like tax-free tips and overtime. Together with Annie and Roger, they explore the surprising speed of the political process, the complex implementation challenges ahead, and what small business owners and individuals need to know right now. From ERC changes to new car loan deductions, this comprehensive breakdown separates the reality from the hype surrounding one of the most significant tax bills in recent years.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

(00:00) - Welcome to Federal Tax Updates

(02:14) - Overview of the Big Beautiful Bill

(02:43) - The Legislative Process and Political Dynamics

(06:53) - Key Provisions and Extensions in the Bill

(09:33) - Tax Policy vs. Political Strategy

(11:33) - State and Local Tax (SALT) Debate

(17:25) - Cost and Budget Considerations

(26:24) - New Tax Provisions: Tips and Overtime

(29:07) - Implementation Challenges and Guidance

(34:18) - Transition Relief and State Standards

(37:16) - Overtime and Salary Dynamics

(38:17) - IRS Withholding Rules

(42:24) - Employee Retention Credit (ERC) Updates

(48:17) - Business Deductions and Expensing

(52:22) - New Tax Provisions for Seniors and Car Loans

(54:59) - Energy Credits and Legislative Negotiations

(56:35) - Final Thoughts and Future Outlook

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 Thad Inge
LinkedIn: https://www.linkedin.com/in/thad-inge-9342155
Website: https://www.vsadc.com/

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.

...more