The IRS published transitional guidance allowing recipients of interest on specified passenger vehicle loans to satisfy new reporting obligations under I.R.C. §6050AA for calendar year 2025 through simplified methods. Instead of filing formal information returns, recipients may comply by making a statement available to individuals indicating the total amount of interest received in 2025 on specified passenger vehicle loans. The guidance addresses new reporting requirements enacted by the One Big Beautiful Bill Act, while providing recipients with additional time to update their systems and allowing the IRS to complete necessary programming and form updates. [IRS Notice 2025-57, (Oct. 21, 2025)] ...
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