Due to budget constraints, the IRS has announced it is closing a reconciliation program that in the past allowed large corporations to negotiate graduated payments on corporation taxes prior to the actual filing.
The Compliance Assurance Program, as it was called, will be closed to all future applications at the end of September, 2016.
CPA Wes Philmore, of Los Angeles, responded: “This has been a very valuable program for corporations who were willing to concede ahead of time that their payment schedule with the IRS might be difficult to meet. It encouraged companies to be honest and transparent when dealing with back taxes. Now it looks like we’re going back to the dark ages, when corporations paid lawyers and CPAs to hide the debit side of things from the government.”