8.31.20

The IRS is accepting applicants for the 2021 Compliance Assurance Process (CAP) program.

The IRS is accepting applicants for the 2021 Compliance Assurance Process (CAP) program.

According to the tax agency, CAP “employs real-time issue resolution, through transparent and cooperative interaction between taxpayers and the IRS, to improve federal tax compliance by resolving issues.” This is accomplished BEFORE filing a tax return.

A new applicant must:

1) have assets of $10 million or more
2) be a U.S. publicly traded corporation with a requirement to submit SEC Forms 10-K, 10-Q, and 8-K, and
3) not be under investigation by, or in litigation with, any government agency that would limit the IRS’s access to current tax records.

The application period is from Sept. 1 to Nov. 13.