In March, the IRS officially rolled out a Fast Track Settlement program (FTS) for small businesses and self-employed individual taxpayers. The FTS for small businesses is in effect for businesses that file Form 1040, Schedules C, E, F or Form 2106. Moreover, it applies to small businesses with assets less than $10 million. The IRS claims that the FTS can resolve disputes "within 60 days after acceptance into the program."
How does the Fast Track Settlement program work?
Companies enrolled in the FTS, along with a Small Business Examiner or Small Business Group Manager of the IRS, try to resolve their issues before an IRS Appeals Officer who serves as a neutral mediator of the dispute. The mediator's goal will be to help the taxpayer and the IRS reach agreement. It is understandable that some companies may be concerned about the impartiality of the Appeals Officer. In its own documentation, the IRS acknowledges that an unbiased mediator is critical to the success of the program.