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1 page/β‰ˆ275 words
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APA
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Accounting, Finance, SPSS
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English (U.S.)
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Topic:

Real-Time Audit Process and How IRS can Monetize the Process

Essay Instructions:

Discuss the real-time audit process for companies and how the IRS can monetize this program.
Since 2011, the IRS has put into place the Compliance Assurance Process, which provides companies the opportunity to be placed into a real-time audit process. This process allows companies to be constantly audited in real time, rather than being audited two or three years in arrears. Surveys have shown that companies love this program, as it relieves a company of stress from going back and remembering items that have happened in prior years. The IRS is considering removing this program, as budget cuts have caused rethinking of this concept.
Review the Compliance Assurance Process article (https://www(dot)irs(dot)gov/businesses/corporations/compliance-assurance-process ) 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.

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The Compliance Assurance Process (CAP) is an optional package provided by the Internal Revenue Service (IRS) to help large corporations ensure that their tax returns are accurate and complete (IRS, 2023). The program is designed to allow companies to resolve any potential issues with their tax returns before filing rather than after an audit has been initiated. Since the CAP program enables taxpayers to rectify mistakes or anomalies in their tax returns before an audit, it may be advantageous to taxpayers. This measure can help to reduce the risk of additional taxes, interest, and penalties being assessed, which can be a significant burden for businesses.
A real-time audit is an ongoing review of a company's financial and operational processes and compliance with laws and regulations (Siegel et al., 2015). It is designed to identify and address potential issues as they arise rather than waiting for a traditional annual audit to unco...
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