May 7, 2020

IRS Changes – TEFRA Approvals and Issuer Purchases

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TEFRA Approvals – Revenue Procedure 2020-21

On May 4, 2020, the Internal Revenue Service issued Revenue Procedure 2020-21 ( providing temporary relief for public hearings held by teleconference call.  Section 1.147(f)-1(d)(2) requires that public hearings must be held in a location convenient for residents of the approving governmental unit and deeming the capitol or seat of government as a convenient location. Under the Revenue Procedure, the location requirement is deemed to be met for hearings held by teleconference between May 4 and December 31, 2020.

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