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September 6, 2023

LB&I announces new application period for 2024 CAP program

The IRS's Large Business and International division (LB&I) has announced (IR-2023-164) that it is accepting new applications for its Compliance Assurance Process (CAP) program for tax year 2024. The application period runs from September 6, 2023 to October 31, 2023. The IRS will notify participants if they are accepted into the program in February 2024. The modifications include a draft of a new form for international issues and replacing the Bridge phase with Bridge Plus (which begins after the taxpayer's tax year has ended) for 2024 so participation will no longer be optional. A Tax Alert is forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor