Shutdown Week 4: The federal government shutdown that began on Oct. 1 continues without resolution. On Oct. 20, the Senate failed for the 11th time to advance a continuing resolution (CR) to fund government operations. The continuing stalemate centers on disagreement over extending enhanced Affordable Care Act (ACA) subsidies. Read more…
Lawmakers Write to Governors on the Federal Tax Credit Scholarship Program: Last week, the Wisconsin Republican congressional delegation, led by Rep. Tom Tiffany (R-WI), sent a letter to Gov. Tony Evers (D-WI) urging him to support the new Federal Tax Credit Scholarship Program, which requires state approval for Wisconsin families to participate. Read more…
Trump Kills Carbon Shipping Tax Proposal: On Oct. 17, the Trump administration disrupted a proposal to tax greenhouse gas emissions from global shipping at the International Maritime Organization (IMO) in London, resulting in a one-year delay pushed by Saudi Arabia and Russia. The measure collapsed after the threats of tariffs and shifting votes from countries such as Greece, Cyprus and China. Read more…
IRS Issues Transitional Guidance for No Tax on Auto Loans: On Oct. 21, the IRS issued Notice 2025-57, which provides transitional guidance and penalty relief for businesses and lenders required to report auto-loan interest under the OBBBA. The guidance allows eligible entities to fulfill new information reporting obligations for 2025 by providing simplified statements to borrowers showing the total interest received on qualified passenger vehicle loans, including through online portals or regular account statements. Read more…
Trump Administration to Review IRS-CI Operations to Scrutinize Left-Leaning Organizations: Last week, reports indicated that the Trump administration is planning broad systematic changes to the IRS Criminal Investigations Division (IRS-CI). Treasury Secretary and Acting IRS Commissioner Scott Bessent and advisor Gary Shapley are reportedly looking to restructure leadership and reduce the role of IRS lawyers in criminal probes to allow the division greater independence in pursuing cases. Read more…
Treasury turmoil: what to watch this week in D.C.. From tax credits to Treasury cuts, here’s what’s changing, and what’s next for family offices and successful families.
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