One Big Beautiful Bill Act (OBBBA)
PREPARE FOR IRS LOAN REPORTING CHANGES:
As of July 4, 2025, the IRS will permit taxpayers to deduct up to $10,000 per year in interest from personal-use auto loans. This is effective for new vehicles purchased after December 31, 2024. Banks are required to provide detailed vehicle collateral information, including the year, make model and VIN.
How can Peak help?
We specialize in automating the Enhanced Collateral upgrade within Fiserv Premier – so your bank is compliant, accurate, and ready to report.
CLICK HERE FOR MORE INFORMATION
25% TAX EXCLUSION FOR AG LOANS:
The One Big Beautiful Bill introduces a targeted tax exclusion for lenders on interest income from new rural/agricultural real estate loans, effectively reducing their taxable revenue by up to 25%. It’s intended to support agricultural financing—but under careful compliance rules regarding eligibility and timing.
How can Peak help?
We will help configure systems to properly flag qualifying loans, align loan and collateral set up for IRS compliance, and automate tracking to cut manual work.
CLICK HERE FOR MORE INFORMATION
Join our webinar on Thursday, August 21st at 1pm CST as we walk you through these changes and answer any questions.
CLICK HERE TO REGISTER FOR THIS FREE WEBINAR
