IRS Expands Fast-Track Settlement Program for Small Businesses Under Audit

Tax Audit 3

The Internal Revenue Service expanded nationwide the roll-out of its streamlined Fast Track Settlement program, which aims to help small businesses under audit settle their differences with the IRS over their tax debts more quickly.

The Fast Track Settlement program is designed to help small businesses and self-employed individuals who are under examination by the Small Business/Self Employed Division of the IRS. Modeled after a similar program that has long been available to large and midsize businesses with more than $10 million in assets, the FTS program uses alternative dispute resolution techniques to help taxpayers save time and avoid a formal administrative appeal or lengthy litigation. As a result, audit issues can usually be resolved within 60 days, rather than months or years, according to the IRS.

In addition, taxpayers who choose the FTS option lose none of their rights because they still have the right to appeal even if the FTS process is unsuccessful.

Jointly administered by Small Business/Self-Employed Division and the IRS Appeals office, FTS is designed to expedite case resolution. Under FTS, taxpayers under examination with issues in dispute work directly with IRS representatives from SB/SE’s Examination Division and Appeals to resolve those issues, with the Appeals representative typically serving as mediator.

The taxpayer or the IRS examination representative may initiate Fast Track for eligible cases, usually before a 30-day letter is issued. The goal is to complete cases within 60 days of acceptance of the application in Appeals.

For help with IRS, tax audits, tax problems, back taxes, tax settlements, tax debt, Offer in Compromise, tax help, IRS debt, a tax lien, a state tax levy, an IRS levy, an IRS tax lien, contact us.  If you need IRS help and have unresolved cases with previous tax lawyers and tax attorneys, we can help find an optimal resolution for your indigenous needs.  Contact us at 201-947-8081 or 646-688-2807, or email us at info@irstaxproblems.com.

This entry was posted in IRS Tax Audit. Bookmark the permalink.

Comments are closed.