Pros and Cons of Compliance Assurance Program to the Taxpayer

The Compliance Assurance Program
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The CAP is a helpful initiative for taxpayers. The CAP goal is for the IRS and the taxpayer to collaborate to identify and address critical issues within the taxable year whereby the issues emerge so that a post-filing tax return review for that taxable year if needed, can be done instantly. Waiting two or three years for a post-audit review without CAP may cost the taxpayer in the long term. When taxpayers cooperate in detecting and addressing concerns, the CAP procedure takes less time, which implies the department will utilize its resources more efficiently and safely, par...