Last summer, we requested comments on obsoleting the disclosure process under Rev Proc 94-69. The Rev Proc 94-69 disclosure process was based on the existence of a continuous audit program in LB&I. Having moved away from a continuous audit program with the launch of the Large Corporate Compliance (LCC) program, it was unclear of the need for a continued special disclosure process for only certain taxpayers. We received several helpful comments, internally from employees and externally from stakeholders. While we no longer have a continuous audit program, there is nonetheless a small subset of taxpayers who will likely be in some form of continuous audit posture with LB&I because of the nature of their transactions and return filings. For this narrow group of taxpayers, some form of the disclosure process that existed under Rev Proc 94-69 may be appropriate. Defining the scope of that "continuous audit" population will be addressed in guidance that will update Rev Proc 94-69 and will not be associated with any one program (e.g., LCC). Indeed, the Priority Guidance Plan (PGP)PDF, which sets forth the published guidance that Treasury, IRS and Counsel plan to work on during a fiscal year, was issued on September 9, 2021 and includes an entry specifically for this update of Rev Proc 94-69. The PGP entry is titled "Revenue procedure regarding special rules for qualified amended returns filed by certain large corporations." In addition to refining the scope of who is eligible for this special disclosure process, we will be standardizing the process for making these disclosures so that eligible taxpayers and revenue agents are working with consistent guidelines around what constitutes an adequate disclosure. A new draft form Form 15307PDF has been developed for this purpose. Review Trouble Downloading PDF Files if you have any issues accessing the form. Stakeholder input on this draft form can be submitted through June 3, 2022, by sending comments to email@example.com. Please do not fill out, send to IRS or use this draft form, as we are only seeking comments at this time.