Latest Compliance Assurance Corporation News
Aug 23, 2021
By Jeff Stimpson August 23, 2021, 4:39 p.m. EDT 1 Min Read REGISTER NOW Public companies with a tax problem and at least eight digits of assets can now apply for the IRS 2022 Compliance Assurance Process program. CAP employs real-time issue resolution to improve federal tax compliance by resolving issues prior to the filing of a return. The application period runs Sept. 1 through Nov. 1. The IRS will inform applicants in February if they’re accepted. 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 IRS access to current tax records. Taxpayers must adhere to CAP program limits on the number of open years. Historically, CAP eligibility is limited to taxpayers who don’t have more than one filed return and one unfiled return open on the first day of the applicant’s CAP year. The IRS has recently expanded eligibility requirements to offer more flexibility for CAP taxpayers in a year when the pandemic and economic downturn might have hurt their tax posture.