In this episode of the Tax News Now Podcast, Mark Gallegos and his returning guest, Kasey Pittman, Managing Director of Tax Policy at Cherry Bekaert, break down what Congress can realistically accomplish on tax policy before the midterm elections, including the fate of "Reconciliation 3.0" and the odds of a bipartisan tax package emerging in the lame-duck session. They also dig into a year's worth of Treasury and IRS guidance implementing the One Big Beautiful Bill Act, covering Section 174, Section 1202, Qualified Opportunity Zones, Trump Accounts, and a new automatic penalty relief program. The conversation turns to litigation developments affecting COVID-era penalty and interest refunds, and closes with a deep dive into the shifting landscape of U.S. tariffs and what practitioners should be telling clients as trade policy increasingly becomes a tax planning issue.