They are also being fair by allowing plan failures found during an audit to be corrected under their VCP program rather than using their audit closing agreement program, which results in very severe penalties to the NFP.
What does CAP stand for?
CAP stands for Closing Agreement Program (IRS)
This definition appears frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of CAP
We have 1489 other meanings of CAP in our Acronym Attic
- Claim Automation Procedure
- Claims Assistance Professional (health care)
- Classic American Pilsner (beer)
- Clean Air Partnership
- Clean Air Plan
- Client Access Point
- Client Assessment Protocol
- Client Assistance Program
- Client Assistance Project
- Clinical and Administrative Pharmacy (various schools)
- Club Athlétique de Périgueux (French: Périgueux Athletic Club; Périgueux, France)
- Club Auto Passion (French automobile club)
- Clube Atlético Paranaense (Brazilian football club)
- Cluster Allocation Panel
- Coaching Accreditation Program
- Coalition of Airline Providers
- Code Analysis Plugin (software)
- Code of Advertising Practice Committee
- Codes and Paging
- Codice di Avviamento Postale (Italian: Postal Code)
Samples in periodicals archive:
Recognizing that disqualification destroys the ability of a plan to provide retirement benefits, the IRS has established an Employee Plans Compliance Resolution System, which has three methods to address errors in your plan: * Audit Closing Agreement Program (Audit CAP) * Self-Correction Program (SCP) * Voluntary Correction Program (VCP) Correcting Under Audit CAP Under Audit CAP, the IRS will re-qualify your plan if you: * Fix the problems the IRS has discovered.
2006-27 provides that when the plan loan failure is corrected through the Voluntary Correction Program (VCP) (not the Self-Correction Program (SCP) or the Audit Closing Agreement Program (CAP)), the participant is freed from any attendant income tax liability.
Walk-In Closing Agreement Program (Walk-In CAP), which enables a sponsor to voluntarily disclose and correct qualification defects that do not qualify under the VCR program, with the payment of a compliance correction fee based on a new fee schedule.
In July 1996, the IRS released Revenue Procedure 96-41, which outlined a voluntary closing agreement program for advance refunding escrows of state and local bonds.
EPCRS includes the Self-Correction Program, the Voluntary Correction Program and the Audit Closing Agreement Program (visit www.
EPCRS includes the Self-Correction Program (SCP), the Voluntary Correction Program (VCP) and the Audit Closing Agreement Program (Audit CAP).
This IRS program is referred to as the closing agreement program (CAP) because this written agreement closes the audit.