Extension of Ability to Hold Telephonic TEFRA Hearings
In consideration of the ongoing Covid-19 pandemic, Treasury and the Internal Revenue Service have extended the temporary guidance originally provided in Rev. Proc. 2020-21, published in May of 2020. The temporary guidance allows issuers of private activity bonds to hold the public hearings required by the TEFRA rules by teleconference until December 31, 2020. The release on November 4, 2020 of Rev. Proc. 2020-49 extends the period during which issuers may hold telephonic hearings to September 30, 2021.
Bond Counsel in the Nation
Also of Interest
- Some Guidance Relating to Transitions Away from LIBOR
Hawkins Advisory describes the provisions of Rev. Proc. 2020-44 as they apply to issuances of tax-exempt bonds.
- Released Regulatory Relief for Issuers of Certain Tax-Exempt Bonds
Treasury and the Internal Revenue Service released welcome temporary guidance addressing two of the many issues provoked by the COVID 19 pandemic.
- Revised IRS Form 8038-CP
The Internal Revenue Service released a revised version of Form 8038-CP (Return for Credit Payments to Issuers of Qualified Bonds) dated January 2020.
- Guidance from Treasury regarding USD LIBOR Phase-Out
The Hawkins Advisory discusses recently published Proposed Treasury Regulations that provide guidance as to the ability of parties to variable rate debt and other contracts that currently rely on LIBOR as an interest rate benchmark to alter the documents for these transactions for the purpose of incorporating interest rates reflective of other reference rates. The Advisory also reviews the status of other regulatory efforts to prepare the capital markets to transition from broad reliance upon LIBOR.