Review the Compliance Assurance Process article, and comment on whether you think this would be beneficial...

Review the Compliance Assurance Process article, and comment on whether you think this would be beneficial for the taxpayer. Discuss how the IRS could monetize this process in order to show that it is a valuable program

Expert Solution

Yes, it is beneficial to the tax payers due to following advantages

* If CAP is working effectively, a taxpayer will not have many years open in audit and Appeals and thus will be able to estimate the effect of tax planning with significant precision.

* CAP increases a taxpayer’s certainty of its financial position by eliminating or diminishing a need for financial statement tax reserves.

* CAP may be an effective means by which to produce the affirmative evidence that supports recognition of the tax benefit.

To show that it is a Valuable program IRS uses “real-time audits” of taxpayers—that is, the review and resolution of tax issues through open, cooperative, and transparent interactions between the IRS and taxpayers before the filing of a return.

It deals about various topics relating to

*Negotiations in Merger and Acquisition Activity

*Acceleration of Audits of Pre-CAP Years

*Resolution of Legal Issues

Taxpayer cooperation and collaboration in identifying and resolving issues should consume less audit time than does the customary post-filing audit in which the IRS shoulders more of the burden in formulating issues.

Even there are some of the disadvantages like

*Risk of Increased Tax Liability

*Insufficient Time to Analyze Tax Positions

*Accounting Method Changes

it gives more benefit to taxpayers.

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