Kevin Packman & Andrew Weinstein, Miami office
The IRS issued News Release IR-2013-88 on Wednesday, November 6, 2013 announcing the nationwide availability of the Fast Track Settlement Program (the "Program").
The Program, which is designed to help small business under examination resolve their cases in 60 days, as opposed to in months or years, is jointly administered by Appeals and SB/SE. A representative from Appeals will serve as the mediator. An additional benefit of the Program is that if the taxpayer and IRS are unable to resolve the examination, the taxpayer retains the right to appeal. Either the taxpayer or the IRS revenue agent may initiate the Program, but both parties must agree to participate.
To understand the origin of the Program and how it works, review the attached Journal of Taxation article, which reviews our participation in the testing program, where we were one of less than 150 participants.
READ: Fast Track Settlement — On the Fast Track, but to Where? A Practical Guide to the Program
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
