Update: IRS Introduced Fast Track Settlement Program to Assist Small Businesses Under Audit

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The Internal Revenue Service (IRS) announced yesterday a new program designed to enable small businesses under audit to settle their differences with the IRS in a more streamlined manner.

The Fast Track Settlement (FTS) program helps small businesses and self-employed individuals who are under examination by the Small Business/Self Employed (SB/SE) Division of the IRS. Administered jointly by SB/SE and the IRS Appeals office, FTS was modeled after a similar program already available to large and mid-size businesses. It uses alternative dispute resolution techniques to help taxpayers save time and avoid a formal administrative appeal or lengthy litigation. The goal of the program is to complete cases within 60 days of acceptance of the application in Appeals.

Additional background on the FTS program can be found on the Alternative Dispute Resolution page of IRS.gov.

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