IRS Announces Fast Track Settlement Program For Small Businesses

May 07, 2014 By Nielsen Law Group In Taxation No Comment Tags : , , , , , ,

The IRS has announced a program for small businesses that is similar to the Large Business Fast Track Settlement (FTS) Program.  The IRS’s stated goal of the FTS is to “ resolve tax differences at the lowest level without sacrificing the quality and integrity of those determinations.”

 

Applying for the FTS is relatively simple.  All that needs to be done is complete Form 14017 to request the FTS.  Once the application is accepted, an appeals officer will be assigned to the case to help expedite a settlement that is mutually agreeable to the taxpayer and the IRS. The IRS tries to resolve FTS cases within 60 days of acceptance of the application

Cases that qualify for the small business/self employed FTS are eligible if:

  • Issues are fully developed;
  • The taxpayer has stated a position in writing (or filed a small case request for cases in which the total amount for any tax period is less than $25,000); and
  • There are a limited number of unresolved issues.

 

In an FTS case, the taxpayer gets the benefit of a mediated tax settlement by appeals officers using dispute resolution techniques, but the taxpayer still retains the right to appeal the decision if he/she does not like the outcome.

 

If you have a tax issue with the IRS and feel it is to your advantage to get it resolved quickly and efficiently, schedule your free consultation by calling (480) 888-7111 or submit a web request here