The IRS today released an advance version of Rev. Proc. 2020-49 that extends temporary relief measures regarding the public approval requirement under section 147(f) for tax-exempt bonds—relief originally provided in response to the coronavirus (COVID-19) pandemic.
Originally, Rev. Proc. 2020-21 [PDF 40 KB] allowed hearings to be held by teleconference for the purpose of satisfying the public approval requirement for the period beginning May 4, 2020, and ending December 31, 2020.
Today’s guidance—Rev. Proc. 2020-49 [PDF 17 KB]—extends the period during which telephonic hearings are permitted until September 30, 2021.
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Ruth Madrigal | +1 202 533 8817 | firstname.lastname@example.org
Preston Quesenberry | +1 202 533 3985 | email@example.com
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