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.

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• (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

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

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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.

Tax professional data breaches have exploded in 2025, with 327 reported incidents affecting over 342,000 taxpayers in just half a year. Glenn Gizzy, a 36-year IRS veteran now specializing in data breach prevention, reveals the sophisticated tactics criminals use to infiltrate tax practices. From phishing emails disguised as client referrals, to hackers who wait until returns are filed before changing bank account information. This conversation covers essential protection measures including Written Information Security Plans (WISP), IP PINs, proper cyber insurance coverage, and the critical steps to take immediately after discovering a breach.

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Padgett - Contact Padgett or Email Jeff Phillips

• (00:00) - Introduction and Greetings
• (02:21) - Today's Guest and Topic: Scams and Data Breaches
• (02:56) - IRS Statistics on Data Breaches
• (05:33) - Common Scams and How They Work
• (09:48) - Phishing Emails and Ransomware
• (14:51) - Fake Charities and Donation Scams
• (17:30) - Refund Thefts and Data Breaches
• (21:28) - IRS Communication and Taxpayer Awareness
• (30:10) - Signs of a Data Breach for Practitioners
• (32:42) - Immediate Steps After a Data Breach
• (34:32) - Multi-Step Process and Insurance Involvement
• (37:42) - Filing Returns After a Breach
• (40:54) - Identity Protection PIN (IP PIN)
• (48:10) - Written Information Security Plan (WISP)
• (53:06) - Protecting EFIN, PTIN, and CAF Numbers
• (55:25) - Final Thoughts and Conclusion

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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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This podcast is a production of the Earmark Media

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.

Sponsors
Padgett - Contact Padgett or Email Jeff Phillips

• (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

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

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