LR Tax & Accounting wants to announce the opening of the application period for the 2020 Compliance Assurance Process program. For the first time since 2015, new corporate applicants who meet eligibility requirements can apply for CAP.
The application period runs between September 16 to October 31, 2019. Once submitted, the IRS will let applicants know if they're accepted into the program around January 31, 2020.
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.
To be eligible to participate in CAP, corporations must adhere to CAP program limits on the number of open years.
For 2020, the IRS expanded the list of open-year exceptions and developed a process for new applicants who are currently under examination.
Please remember that LR Tax & Accounting Services, Inc. is always here to help with any questions and concerns. We offer tax planning, tax resolution, tax returns for individuals and business, accounting, payroll and bookkeeping. Please contact us today to get a quote or ask a question! If you had experience with us, please leave a feedback for us on Yelp, Google, or our Facebook Page!