IRS Unveils Fast Track Settlement Program Nationwide
by Terri Eyden on
By Jason Bramwell
A national program launched by the IRS on November 6 provides a customer-driven approach to resolving tax disputes at the earliest possible stage in the examination process.
The Fast Track Settlement (FTS) program, which is jointly administered by the IRS Small Business/Self-Employed (SB/SE) Division and the IRS Office of Appeals, was created to help small businesses and self-employed individuals who are under audit examination by the SB/SE.
Modeled after a similar program available to large and midsize businesses with more than $10 million in assets, FTS uses alternative dispute resolution techniques to help taxpayers save time and avoid a formal administrative appeal or lengthy litigation, according to the IRS.
"As a result, audit issues can usually be resolved within sixty days rather than months or years," the IRS stated. "Plus, taxpayers choosing this option lose none of their rights because they still have the right to appeal, even if the FTS process is unsuccessful."
Small businesses and self-employed individuals with tax disputes work directly with IRS representatives from the SB/SE Examination Division and the Office of Appeals to resolve their issues, with a representative from appeals typically serving as mediator.
The IRS noted the taxpayer or IRS examination representative may recommend FTS for eligible cases, usually before a thirty-day letter is issued by the Office of Appeals.
"The goal is to complete cases within sixty days of acceptance of the application in appeals," the IRS stated.
SB/SE originally launched FTS as a pilot program in Chicago, Houston, and St. Paul in September 2006, and the program was expanded to five additional areas, including Philadelphia and San Diego, in December 2007.
You may like these other stories...
Could the IRS disallow Ice Bucket Challenge charitable contributions?Unless you’ve been living under a rock, you’ve probably heard of – or participated in – the ALS Ice Bucket Challenge.I was...
As a general rule, a taxpayer can deduct the full amount of monetary contributions made to a qualified charitable organization, as long as certain substantiation requirements are met. These donations are typically made...
Hertz withdraws full-year forecast, cites accounting review, challengesRental car company Hertz Global Holdings Inc. said on Tuesday it is withdrawing its full-year financial forecast and expects 2014 results to be “...
Upcoming CPE Webinars
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.