May 7, 2020
IRS Changes – TEFRA Approvals and Issuer Purchases
TEFRA Approvals – Revenue Procedure 2020-21
On May 4, 2020, the Internal Revenue Service issued Revenue Procedure 2020-21 (https://www.irs.gov/pub/irs-drop/rp-20-21.pdf) 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.