FMN Taxes

FMN - 2020/January, Seg.4 - Suspension of Various Itemized Deductions and More

Course Overview
In November 2019, the IRS issued Revenue Procedure 2019-46 to update Revenue Procedure 2010-51 related to rules for using optional standard mileage rates for business, charitable, medical or moving expense deductions. The modifications are made to reflect changes made to Internal Revenue Code (IRC) sections 67 and 217 by the Tax Cuts and Jobs Act (TCJA). Those changes removed the ability for taxpayers to deduct miscellaneous itemized deductions and moving expenses through 2025. Edward Zollars, a partner with Thomas, Zollars & Lynch, Ltd. and a discussion leader for Kaplan Financial Education, gives our viewers an overview of the new guidance.

Learning Objectives:

Upon successful completion of this segment, you should be able to:

  • Identify the changes made to Internal Revenue Code sections 67 and 217 on mileage rates for business, charitable and moving expenses;
  • Determine if investment advisory fees taken out of variable annuity contracts create a taxable event;
  • Identify the key components of an annuity’s accumulation and payout phase; and
  • Determine the changes in the penalty provision for willful violation of FBAR filing after the amendment.

Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.

Speaker / Author:

FMN Online
SmartPros Ltd. is a leader in online and offline continuing education for
accounting, finance and engineering professionals. With over 2,000 hours of content, SmartPros has been providing mandatory continuing education products since 1981. SmartPros provides services and content to its professional and corporate clients, in a variety of media including Web, CD-ROM, and video. In the accounting market, SmartPros also has a predominant news and information portal which receives 200,000+ visits per month and provides services to over 100,000 subscribers. SmartPros' customers include 50% of the Fortune 500, as well as the major firms and associations in each of its professional markets.

Price (USD)

Standard: $69.90


Course Code : FMN1335-FM

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes

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