Applicants wanted for the IRS CAP program
The application period for the Internal Revenue Service’s 2021 Compliance Assurance Process program will be open Sept. 1 to Nov. 13.
The CAP was developed by the Large Business and International Division to improve the federal tax compliance of large corporate taxpayers by employing real-time resolution tools and techniques.
The IRS will inform applicants in February if they’re accepted into the program. New applicants must have assets of $10 million or more; be a U.S. publicly traded corporation with a legal requirement to prepare and submit 10-Ks, 10-Qs and 8-Ks; and not be under investigation by, or in litigation with, any government agency that would limit the IRS’s access to current tax records.
To participate in CAP, taxpayers must adhere to program limits on the number of open years. For 2021, the IRS modified the open-year criteria, updated its requirements for the Tax Control Framework Questionaire and established a limit on the duration of the Bridge phase.
Program details are available on the CAP webpage.