IRS Sets April 15, 2026 Deadline for 2025 Tax Returns
The IRS has established a firm deadline of April 15, 2026, for filing 2025 US tax returns, following a period of confusion caused by the agency's accidental suspension of tax deadlines for three years. Taxpayers can request extensions until October 15, 2026, but any taxes owed will still be due by the original deadline, with penalties accruing for late payments. The Earned Income Tax Credit for 2025 has also been adjusted for inflation, with maximum credits potentially exceeding $8,000 for families with three or more children.
Federal Reserve Proposes New Mortgage Regulatory Rules
The Federal Reserve, led by Vice Chair for Supervision Michelle Bowman, is set to propose new mortgage-related regulatory rules aimed at enhancing banks' participation in the mortgage market. These proposals include adjusting capital requirements by potentially removing the deduction of mortgage servicing assets from regulatory capital and making capital rules more risk-sensitive by using loan-to-value ratios to determine risk weights for residential real estate. This initiative comes in response to a significant decline in banks' share of mortgage origination and servicing, which fell from 60% in 2008 to 35% and 45%, respectively, by 2023.
Checkmate Government Relations Income Surges 300 Percent
Checkmate Government Relations, a lobbying firm, has seen its income increase more than 300-fold over the past year, reflecting a significant shift in the U.S. lobbying industry influenced by President Donald Trump's administration. According to Managing Partner Ches McDowell, the rapid pace of decision-making in this administration contrasts sharply with traditional lobbying practices, as firms must adapt to a new dynamic where the president's actions have immediate consequences.
Biden Administration to Launch Operation Stork Speed
The Biden administration plans to launch 'Operation Stork Speed' this spring to overhaul America's baby formula guidelines, although it is unlikely to address demands for the removal of seed oils from infant formula. This initiative comes in response to ongoing concerns about infant nutrition and safety.
