IRS Extends Ability to Conduct Private Activity Bond Public Hearings by Teleconference

In response to the continuing COVID-19 pandemic, the Internal Revenue Service (IRS) published Revenue Procedure 2020-49, which provides temporary guidance on the statutory public approval requirement for tax-exempt qualified private activity bonds. The revenue procedure extends the time period during which telephonic hearings satisfy the public approval requirement from December 31, 2020, until September 30, 2021.