Discuss the real-time audit process for companies and how the IRS can monetize this program. Since 2011,...

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Discuss the real-time audit process for companies and how theIRS can monetize this program.
Since 2011, the IRS has put into place the Compliance AssuranceProcess, which provides companies the opportunity to be placed intoa real-time audit process. This process allows companies to beconstantly audited in real time, rather than being audited two orthree years in arrears. Surveys have shown that companies love thisprogram, as it relieves a company of stress from going back andremembering items that have happened in prior years. The IRS isconsidering removing this program, as budget cuts have causedrethinking of this concept.
Review the Compliance Assurance Process article, and comment onwhether you think this would be beneficial for the taxpayer.Discuss how the IRS could monetize this process in order to showthat it is a valuable program.

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A Realtime audit process would definitely be beneficial for the tax payer It relieves the stress of having to recall records from past years and reengineering the transactions to understand their nature A realtime audit would essentially result it a Easier and See Answer

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Discuss the real-time audit process for companies and how theIRS can monetize this program.Since 2011, the IRS has put into place the Compliance AssuranceProcess, which provides companies the opportunity to be placed intoa real-time audit process. This process allows companies to beconstantly audited in real time, rather than being audited two orthree years in arrears. Surveys have shown that companies love thisprogram, as it relieves a company of stress from going back andremembering items that have happened in prior years. The IRS isconsidering removing this program, as budget cuts have causedrethinking of this concept.Review the Compliance Assurance Process article, and comment onwhether you think this would be beneficial for the taxpayer.Discuss how the IRS could monetize this process in order to showthat it is a valuable program.