The Internal Revenue Service today announced the opening of the application period for the 2024 Compliance Assurance Process (CAP) program, which will run from Sept. 6 to Oct. 31, 2023.
The IRS will inform applicants if they're accepted into the program in February 2024.
Launched in 2005, CAP employs real-time issue resolution through transparent and cooperative interaction between taxpayers and the IRS to improve federal tax compliance by resolving issues prior to the filing of a tax return.
To be eligible to apply for CAP, 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 SEC Forms 10-K, 10-Q and 8-K and
- not be under investigation by, or in litigation with, any government agency that would limit the IRS's access to current tax records.
Source: IRS.gov