Applications start soon for IRS's Compliance Assurance Process

Applications will be taken starting next month for the Internal Revenue Service's 2025 Compliance Assurance Process program.

CAP is a resolution vehicle to resolve issues between taxpayers, such as client corporations with a tax problem, and the IRS. 

Applications will be taken Sept. 4 to Oct. 31. The IRS will inform applicants if they're accepted into the program in February next year.

Applicants must, among other details: 

• Have assets of $10 million or more;
• Be a U.S. publicly traded corporation that must submit 10-Ks, 10-Qs and 8-Ks, or a privately held C corporation, including foreign-owned. Privately held applicants must submit audited financial statements prepared in accordance with U.S. GAAP, IFRS or other permissible method specific to the applicant; and,
• Not be under investigation by, or in litigation with, any government agency that would limit the IRS's access to current tax records. 

Among changes to the CAP program for 2025 is an expansion of the applicant eligibility criteria, a new eligibility exception, and a new form for international issues. 

Information and more application details are on the CAP webpage. 

Timothy Fadek/Bloomberg