IRS Form 14234 Compliance Assurance Process (CAP) Application

What Is IRS Form 14234?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on July 1, 2021. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 14234?
A: IRS Form 14234 is the Compliance Assurance Process (CAP) Application form.

Q: What is the Compliance Assurance Process (CAP)?
A: The Compliance Assurance Process (CAP) is a program offered by the IRS that allows certain large corporations to resolve potential tax issues before the filing of their tax returns.

Q: Who is eligible to participate in the CAP program?
A: Large corporations that meet specific criteria are eligible to participate in the CAP program.

Q: What are the benefits of participating in the CAP program?
A: Participating in the CAP program allows corporations to proactively address potential tax issues, reduce the risk of examination, and create greater certainty in their tax positions.

Q: How can a corporation apply for the CAP program?
A: Corporations can apply for the CAP program by submitting IRS Form 14234, the Compliance Assurance Process (CAP) Application form.

Q: Are there any fees associated with the CAP program?
A: There are no fees associated with applying or participating in the CAP program.

Q: Can a corporation withdraw from the CAP program?
A: Yes, a corporation can choose to withdraw from the CAP program at any time.

Q: Is participation in the CAP program mandatory for eligible corporations?
A: Participation in the CAP program is voluntary for eligible corporations. It is not mandatory.

Q: Is the CAP program available to individuals or small businesses?
A: No, the CAP program is specifically designed for large corporations and is not available to individuals or small businesses.