FMN Taxes  |  Format: Flash

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.

    Catalog Number: FMN1335-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: FMN Online
    Advanced Preparation:
    Work experience in tax planning or tax compliance, or an introductory course in taxation.
    Course Level: Update
    Field of Study: Taxes
    Content Partner: FMN Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Jan 10, 2020 / Aug 14, 2021