Scope: United States
Status requires verification
Transitional guidance for returns relating to certain interest on specified passenger vehicle loans under section 6050AA
Notice 2025-57 provides transitional guidance under section 6050AA: in 2025, recipients of specified passenger vehicle loan interest required to report in trade or business can satisfy the obligation by making a statement to individuals summarizing total interest received in the calendar year. Penalties under sections 6721 and 6722 won’t apply in 2025 for properly made statements.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Transitional guidance on reporting interest on specified passenger vehicle loans under new section 6050AA
Notice 2025-57 provides transitional guidance for recipients of interest on specified passenger vehicle loans in a trade or business under section 6050AA of the Internal Revenue Code as added by the One, Big, Beautiful Bill Act. For calendar year 2025, such recipients may satisfy the new information reporting obligations by providing a statement to the individual showing total interest received during the year. Penalties under sections 6721 and 6722 will not apply for returns/statements for 2025 if this guidance is followed.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Business number and CRA program account registrations must be done online
As of November 3, 2025, the CRA will no longer accept phone-based registrations for new business number (BN) or CRA program accounts. Businesses must register online using Business Registration Online (BRO). This is intended to streamline registration, improve security and provide instant confirmation.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Business registration by phone is ending
Effective November 3, 2025, the Canada Revenue Agency will no longer accept registrations for the Business Number or CRA program accounts by phone. All registrations must be completed online via the Business Registration Online (BRO) service.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Effective November 3, 2025 – Registrations for new Business Number or CRA program accounts must be done online
The Canada Revenue Agency requires that all registrations for a new Business Number (BN) or CRA program accounts (GST/HST, payroll, etc.) be completed **online** beginning November 3, 2025. Paper or phone registrations are no longer accepted for new accounts. This modernizes business registration processes and aims to improve efficiency and security.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
IRS Internal Revenue Bulletin: Inflation Adjustments & AFRs for 2026
The IRS published Bulletin 2025-45 and Revenue Procedure 2025-32 updating applicable federal rates, tax-exempt rates, Section 7520 rates, and other inflation-adjusted limits for 2026. These affect loans, trusts, annuities, retirement plan limits, and more. These changes are effective for applicable provisions beginning in 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2025-57: Transitional guidance for businesses reporting car loan interest under the One, Big, Beautiful Bill
Provides that for tax year 2025, recipients of interest on specified passenger vehicle loans under the new reporting requirement (§ 6050AA) may meet obligations by issuing statements detailing total interest, and penalties under IRC sections 6721 and 6722 will not be imposed if this method is followed. This gives relief during transition for lenders and payors adapting to the new vehicle loan interest reporting rule.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2025-57: Transitional guidance for section 6050AA reporting of applicable passenger vehicle loan interest
Transitional guidance for calendar year 2025 that allows recipients of interest under specified passenger vehicle loans from individuals in a trade or business to satisfy reporting obligations under section 6050AA by providing a statement of total interest amount for 2025. The IRS will not impose penalties under §§ 6721 & 6722 if the statement is made per this guidance.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 3, 2025
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Proposed
Changes to Inheritance Tax Thresholds Announced
The UK government has proposed an increase to the inheritance tax threshold from £325,000 to £500,000, aiming to ease the burden on families during property transfers.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Digital Services Tax Implementation
A new digital services tax targeting large tech companies that generate significant revenue from local markets without adequate taxation.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Changes to GST Registration Thresholds for Small Businesses
The Australian government has proposed a change to the Goods and Services Tax (GST) registration threshold for small businesses, raising it from $75,000 to $100,000.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Enhancement of the Canada Emergency Wage Subsidy
The government has proposed extending and enhancing the Canada Emergency Wage Subsidy (CEWS) to support businesses affected by ongoing economic challenges.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: European Union
Status requires verification
New VAT Regulations for Digital Services in the EU
Effective November 2025, the EU has implemented new VAT regulations that require digital service providers to charge VAT based on the consumer's location, enhancing compliance for cross-border services.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Introduction of Global Minimum Tax Rate for Corporations
In October 2025, the OECD announced a proposed global minimum tax rate of 15% for multinational corporations to combat tax base erosion and profit shifting.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
New Reporting Requirements for Foreign Income
Updated regulations mandate that Australian residents report foreign income exceeding AUD 10,000 on their annual tax return, effective immediately.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Temporary Tax Relief for Disaster-Affected Areas
The IRS has announced temporary tax relief measures for taxpayers in areas affected by recent disasters, allowing delayed filing and payment deadlines.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Changes to Small Business Tax Offset
The Australian government has proposed an increase in the small business tax offset from 16% to 20% for businesses with an annual turnover of less than $5 million.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Digital Services Tax Implementation
Several countries have proposed the implementation of a digital services tax targeting large tech companies that benefit disproportionately from local markets without paying corresponding taxes.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Digital Services Tax Implementation
Countries are moving forward with the implementation of a digital services tax aimed at large tech companies that generate significant revenue from local markets without paying adequate taxes.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
New Tax Incentives for Green Investments
The Canadian government has introduced tax incentives aimed at promoting green investments, including credits for renewable energy projects, effective from January 1, 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Nov 1, 2025
- Verification
- Not recorded
Open cited source