ADMINISTRATIVE

Rev. Proc. 2005–75, page 1137. This procedure provides guidance concerning when information shown on a return in accordance with the applicable forms and instructions will be adequate disclosure for purposes of reducing an understatement of income tax under sections 6662(d) and 6694(a) of the Code. Rev. Proc. 2004–73 updated.

Announcement 2005–87, page 1144. The purpose of this announcement is to formally announce the Compliance Assurance Process (CAP) pilot program for large business taxpayers. The objective of the program is to reduce taxpayer burden and uncertainty while assuring the Service of the accuracy of tax returns prior to filing, thereby reducing or eliminating the need for post-filing examinations.

December 12, 2005 2005–50 I.R.B.