IRS expands CAP application field for 2020
The IRS is opening the application period for the 2020 Compliance Assurance Process program, and for the first time since 2015 new corporate applicants who meet eligibility requirements can apply.
The application period runs Sept. 16 to Oct. 31. The IRS will let applicants know if they’re accepted into the program around the end of January.
CAP was developed by the Large Business and International Division to improve the federal tax compliance of large corporate taxpayers. To be eligible to apply, 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 IRS access to current tax records.
Details are on the CAP web page.