The Tax Cuts and Jobs Act suspended miscellaneous itemized deductions for tax years beginning after Dec. 31, 2017, and before Jan. 1, 2026. To reflect the change, the IRS has updated rules for using standard mileage rates when computing the deductible costs of operating an automobile for business purposes. Revenue Procedure 2019-46 explains that a taxpayer can’t use the business standard mileage rate to claim a miscellaneous itemized deduction for unreimbursed employee expenses during the suspension period. The guidance also provides information about reimbursed employee auto expenses, as well as expenses for charitable, medical and moving purposes. Click here for additional details. Contact the Cg Team for more information. © 2019
“IRS Updates Guidance for Deductible Business, Charitable, Medical and Moving Expenses.” Internal Revenue Service. IR-2019-183, November 14, 2019. https://www.irs.gov/newsroom/irs-updates-guidance-for-deductible-business-charitable-medical-and-moving-expenses.