The IRS is accepting applicants for the 2021 Compliance Assurance Process (CAP) program.
August 31, 2020
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.