IRS Updates Bridge Phase of Compliance Assurance Process Program

The IRS has updated the Bridge phase of the Compliance Assurance Process, a vountary pre-filing program for large corporate taxpayers, according to a news release Monday.

The IRS created the Bridge phase in 2019. It is reserved for taxpayers whose risk of noncompliance does not support the continued use of IRS compliance resources.

The agency has developed new pilot phase, Bridge Plus, that requires taxpayers to provide book-to-tax reconciliations, credit utilization, and other supporting documentation after their audited financial statement is finalized, the agency said.

The pilot will be offered to previous CAP participants who were in Bridge phase ...