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CAP - Closing Agreement Program
(Tax Law)
If a failure (other than a failure corrected through SCP or VCP) is identified on audit, the Plan Sponsor may correct the failure and pay a sanction. The sanction imposed will bear a reasonable relationship to the nature, extent, and severity of the failure, taking into account the extent to which correction occurred before audit.
Source : Internal Revenue Service - United States Department of Treasury
Language : English