{"id":840,"date":"2020-08-27T16:52:36","date_gmt":"2020-08-27T16:52:36","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=840"},"modified":"2020-08-27T16:52:39","modified_gmt":"2020-08-27T16:52:39","slug":"irs-accepting-applicants-for-the-compliance-assurance-process-for-2021","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-accepting-applicants-for-the-compliance-assurance-process-for-2021\/","title":{"rendered":"IRS accepting applicants for the Compliance Assurance Process for 2021"},"content":{"rendered":"\n<p>IR-2020-193, Aug. 27, 2020<\/p>\n\n\n\n<p>WASHINGTON \u2014 The Internal Revenue Service announced today the opening of the application period for the 2021 Compliance Assurance Process program. The application period runs Sept. 1 to Nov. 13, 2020. The IRS will inform applicants if they&#8217;re accepted into the program in February 2021.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>To be eligible to apply for CAP, new applicants must:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Have assets of $10 million or more,<\/li><li>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<\/li><li>Not be under investigation by, or in litigation with, any government agency that would limit the IRS&#8217;s access to current tax records.<\/li><\/ul>\n\n\n\n<p>To be eligible to participate in CAP, taxpayers must adhere to CAP program limits on the number of open years. For 2021, the IRS modified the open-year criteria, updated its requirements for the Tax Control Framework Questionaire and established a limit on the duration of the Bridge phase.<\/p>\n\n\n\n<p>Program details are available on the\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/corporations\/compliance-assurance-process\">CAP webpage<\/a>. A draft of the 2021 CAP Memorandum of Understanding has also been posted on the\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/corporations\/compliance-assurance-process\">CAP webpage<\/a>, and stakeholders can offer any feedback on the MOU by sending it to the CAP Mailbox at lbi.irs.cap.program@IRS.gov by November 13, 2020.   <a href=\"https:\/\/www.irs.gov\/newsroom\/irs-accepting-applicants-for-the-compliance-assurance-process-for-2021\">https:\/\/www.irs.gov\/newsroom\/irs-accepting-applicants-for-the-compliance-assurance-process-for-2021<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2020-193, Aug. 27, 2020 WASHINGTON \u2014 The Internal Revenue Service announced today the opening of the application period for the 2021 Compliance Assurance Process program. The application period runs Sept. [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-840","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS accepting applicants for the Compliance Assurance Process for 2021 - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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