As appearing in IR-2025-105 On 10/21/25, the Department of the Treasury and the Internal Revenue Service provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill Act (OBBBA). Notice 2025-57 provides penalty relief and guidance to certain lenders for new information reporting requirements for car loan interest received in 2025 under the OBBBA. Transition relief for 2025 Notice 2025-57 provides transitional relief for 2025 for lenders and other interest recipients who are required to file information returns with the IRS and provide statements to borrowers showing the total amount of interest received on qualified passenger vehicle loans and other information related to the loan. A qualified passenger vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle...