IRS Issues Final Regulations for Public Approval of Tax-Exempt Private Activity Bonds: Today, the IRS released T.D. 9845, final regulations on the public approval requirement for tax-exempt private activity bonds. The final regulations make certain amendments to the proposed regulations issued on September 27, including changes to the public notice requirements.
Private activity bonds are municipal securities used to finance the project of a private party. The interest on private activity bonds is exempt from federal income tax if certain requirements are met.
IRS Releases Revenue Procedure on Deductions for Certain Charitable Contributions: Today, the IRS issued Revenue Procedure 2019-12, which provides safe harbors under section 162 for certain payments made by a C corporation or a specified pass-through entity, an organization described in section 170(c), if the C corporation or pass-through entity receives a state or local tax credit in return for such payment.