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IRS Issues Guidance for Auto Lenders on New Tax Deduction 

The Internal Revenue Service on Tuesday told auto lenders what they need to do to comply with the new interest reporting requirement for 2025 vehicle purchases.  The tax change is part of the One Big Beautiful Bill Act (OBBBA) signed into law on July 4, but it retroactively covers car loans to Jan. 1.  IRS Notice 2025-57 says businesses that receive from any individua ...

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