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Federal Tax

IRS Now Accepting Applications for 2024 Compliance Assurance Process

Thomson Reuters Tax & Accounting  

· 1 minute read

Thomson Reuters Tax & Accounting  

· 1 minute read

In a News Release, the IRS announced that it is now accepting applications for the 2024 Compliance Assurance Process (CAP) program. The application period will run from September 6 to October 31, 2023. The IRS will inform applicants if they’re accepted into the program in February 2024. (IR 2023-164, 9/6/2023)

According to the IRS’ News Release, “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 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’ access to current tax records.

To participate in CAP, taxpayers must adhere to CAP program limits on the number of open years.

General program information and the 2024 application details are available on the IRS’ CAP webpage.

For detailed information on the IRS’ changes to the 2024 CAP, see highlights and updates.

For more information about IRS examination of taxpayer returns, see Checkpoint’s Federal Tax Coordinator ¶T-1090 et seq.


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