The United States (US) Internal Revenue Service (IRS) recently released new frequently asked questions (FAQs) and answers on the International Compliance Assurance Program (ICAP). The FAQs are directed at US multinational enterprises (MNEs) that may be considering the program.BackgroundICAP is a voluntary risk assessment and assurance program designed to facilitate open and cooperative multilateral engagement between large MNE groups and tax administrations in jurisdictions where the MNE groups have business activities.Developed under the framework of the Organisation for Economic Co-operation and Development (OECD) Forum on Tax Administration (FTA) Large Business and International Programme, the first ICAP pilot was launched in January...