The IRS is piloting changes in the Bridge phase of its Compliance Assurance Process (CAP) program that provides prefiling return reviews for some large corporate taxpayers.
In a news release, the IRS said it developed the pilot phase, called Bridge Plus, in response to taxpayer comments about the Bridge phase of the CAP program.
Under the new pilot phase, taxpayers must provide book-to-tax reconciliations, credit utilization and other supporting documentation shortly after the finalization of their audited financial statement.
These documents will be risk-assessed by the IRS to determine if the taxpayer is suitable for Bridge Plus. If accepted into the program, taxpayers must submit a draft return 30 days before filing. Read more.