The Internal Revenue Service (IRS) recently announced new procedures for the Compliance Assurance Process (CAP) program for taxpayers who are interested in obtaining tax certainty prior to filing their federal tax returns. The CAP program now consists of three phases: Pre-CAP, CAP and "Compliance Maintenance." Participants in the program are able to achieve tax certainty sooner and with less administrative burden than in the traditional post-filing examination process. The program requires a contemporaneous exchange of information related to proposed tax return positions and to completed events and transactions that could affect federal tax liability. The latest IRS statistics show that 159 taxpayers have participated in the CAP program during the year ending September 30, 2012, an increase over the 140 taxpayers that participated in the CAP program in the year ended September 30, 2011. Also, as of December 30, 2011, 20 taxpayers were participating in the Pre-CAP phase of the program.