Fast track settlement, which up until now has been available only to businesses with more than $10 million in assets, has made its way down the line to businesses in the IRS’ Small Business/Self-Employed division. That’s good news, considering penalties and interest continue to mount while your case remains open.
The goal, according to the IRS, is to resolve issues within 60 days. And, according to IRS Appeals, cases are remaining open for longer periods of time, as it’s become bogged down with collection due-process hearings.
Under fast track, an Appeals Team Case Leader will facilitate settlement of disputed issues. It’s appropriate for the resolution of factual and legal issues. Either party can suggest fast track. It may be initiated any time after an issue is fully developed during the audit and usually before a 30-day letter is issued. Even better: You don’t give up any appeal or legal rights by participating.