• Home
  • Resources
  • IRS Tax News
  • Announcement 2020-05, Concrete Foundations: Assistance from the Connecticut Foundation Solutions Indemnity Company

Announcement 2020-05, Concrete Foundations: Assistance from the Connecticut Foundation Solutions Indemnity Company

22 Apr 2020 3:22 PM | Anonymous

Announcement 2020-05 provides additional guidance on an issue not addressed in 2017 and 2018 IRB guidance on the subject of prematurely deteriorating concrete foundations due to the presence of the mineral pyrrhotite in the concrete mixture used to pour the foundations.  Specifically, in response to requests for this additional guidance from Connecticut Members of Congress, the Announcement clarifies the Federal income tax treatment of a payment made by the Connecticut Foundation Solutions Indemnity Company, Inc., an entity organized by the State of Connecticut, to Connecticut homeowners who have not claimed Federal income tax deductions for amounts paid to repair damage to personal residences with concrete foundations that prematurely deteriorated.

Announcement 2020-05 will be in IRB: 2020-19, dated 05/04/2020.

©2019, Virginia Society of Tax & Accounting Professionals, formerly The Accountants Society of Virginia, 
is a 501(c)6 non-profit organization.

PO Box 3363 | Warrenton, VA 20188 | Phone: (800) 927-2731 | Fax: (888) 403-0920 | asv@virginia-accountants.org

Powered by Wild Apricot Membership Software