Why November 1 matters in the ongoing federal shutdown
The federal government has been shut down since October 1, 2025, and several child nutrition and early‑education programs hit hard deadlines on November 1 if funding isn’t restored. Advocates warn that tens of thousands of children could lose Head Start services starting November 1, and multiple states have flagged potential interruptions to November SNAP benefits—both of which can ripple into freight demand for food and household goods.
For day‑to‑day trucking operations, the Department of Transportation’s shutdown plan keeps core safety and highway programs running. FMCSA employees and programs remain funded through the Highway Trust Fund, so carrier oversight, registrations and enforcement continue “as normal,” while other transportation agencies have suspended some activities. CBP cargo processing is also continuing. The Federal Maritime Commission, however, has suspended most operations during the shutdown.
OBBBA’s new car‑loan interest deduction: what it is—and what it isn’t
The One, Big, Beautiful Bill Act (OBBBA) created a new, temporary above‑the‑line tax break for personal auto loan interest, with the IRS issuing transitional reporting relief to lenders for 2025. The deduction applies to interest on loans for new, U.S.-assembled “qualified passenger vehicles” under 14,000 lbs, and does not apply to business or commercial use. In other words, this is for your family car or light pickup—not your tractor or work truck placed in service for the business. The IRS says lenders can satisfy 2025 reporting by providing annual totals to borrowers without penalties while systems are built out.
- Eligibility basics highlighted in financial trade guidance: loans originated after December 31, 2024; personal use; U.S. final assembly; gross vehicle weight rating under 14,000 lbs; deduction window 2025–2028. Many summaries note an annual cap (often cited as up to $10,000) and income phase‑outs for higher‑earning households. Watch for final IRS instructions on forms and VIN reporting.
- Action item: If you’re considering a new personal‑use pickup that qualifies, compare the after‑tax savings against the interest rate and total cost. Don’t buy solely for the tax break.
ERC: claim window has closed, enforcement ramps up
The window to file new Employee Retention Credit (ERC) claims closed April 15, 2025. The Taxpayer Advocate reports hundreds of thousands of claims remain in inventory, with prolonged processing and a higher audit posture. If your company claimed ERC, be prepared to substantiate eligibility, and respond quickly to IRS letters. Some analyses also note longer assessment periods and stronger promoter penalties under the new law, so documentation discipline is critical.
Form 1099‑K: threshold reset to $20,000 and 200 transactions
For owner‑operators who occasionally accept payments via third‑party payment networks (e.g., certain marketplaces or apps), the IRS confirmed on October 23, 2025 that OBBBA reinstates the longstanding Form 1099‑K threshold: more than $20,000 in gross payments and more than 200 transactions. This supersedes prior IRS transition guidance that had pointed to $5,000 for 2024 and $2,500 for 2025. Remember: all business income is still taxable even if you don’t receive a form.
What this means for fleets and owner‑operators
- Operations: Expect little change from FMCSA during the shutdown, but watch for port and maritime paperwork delays and broader demand effects if SNAP/Head Start disruptions hit. Communicate with shippers on any time‑sensitive food and retail loads into early November.
- Equipment decisions: The OBBBA auto‑interest deduction is a household perk, not a business asset strategy. It doesn’t apply to commercial vehicles used in your trucking business. Keep business equipment decisions anchored in depreciation, Section 179/bonus rules, and cash flow.
- ERC readiness: If you claimed ERC, assemble contemporaneous records—gross receipts tests, shutdown orders, payroll support and advisor memos—and designate a point person to handle IRS correspondence.
- 1099‑K expectations: If you take customer payments through apps, most small operators won’t receive a 1099‑K unless they exceed $20,000 and 200 transactions on a platform. Still, report all income and keep clean books to reconcile settlements, factoring statements and app payouts.
Bottom line: As Washington’s standoff approaches the November 1 pressure point, core trucking safety oversight continues, but the policy slate is moving in other areas that touch your finances. Keep an eye on IRS instructions for the new auto‑interest rules, shore up ERC files, and adjust your admin workflows to the 1099‑K reset.
Sources Consulted: IRS Newsroom; U.S. Department of Transportation; Federal Maritime Commission; Reuters; DLA Piper; Kiplinger; Investopedia; Taxpayer Advocate Service.
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This article was prepared exclusively for truckstopinsider.com. For professional tax advice, consult a qualified professional.
