The IRS released Revenue Procedure 2020-21, which provided relief for issuers seeking to do a public hearing for their bonds amidst the COVID-19 pandemic, on May 4, 2020. Revenue Procedure 2020-21 permitted a public hearing to be held by teleconference. The hearing must be accessible to residents of the approving governmental entity through a toll-free phone number. Revenue Procedure 2020-21 is applicable to hearings held from May 4, 2020, through December 31, 2020. Read our prior alert for more information about Revenue Procedure 2020-21.
On November 4, 2020, the IRS released Revenue Procedure 2020-49, which extends the timeframe for telephonic hearings through September 30, 2021.
All other provisions of Revenue Procedure 2020-21 continue to apply.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.