Do Businesses Qualify for IRS Fast Track Settlement?
Building and maintaining a successful and thriving business is difficult on its own. It can become even more complicated when business taxes are considered, and even more so if your business should be unlucky enough to end up owing back taxes. Fortunately, to help business owners deal with their varying tax situations, the IRS has implemented various opportunities, one of which is the IRS fast track settlement. Here’s how to determine if your business qualifies.
What Is an IRS Fast Track Settlement?
First, before you consider your journey down the fast track settlement road, it’s important to have an idea what it actually is and what that means. In short, the IRS Fast Track Settlement program is a process provided by the IRS intended to help you resolve small business or self-employment tax issues. This program gives you an opportunity to work with a tax examiner to resolve factual and legal issues while preserving your ability to request an Appeals hearing.
Do You Qualify for a IRS Fast Track Settlement?
Although this might seem like a program that can benefit you and your business, it doesn’t mean you automatically qualify. In order to qualify for the program, you must meet the following requirements.
- The IRS does not want to litigate an issue;
- You have submitted a request for Competent Authority assistance; and
- Your case is within (or sometimes outside of) the Large Business and International Division of the IRS.
Cases that are Ineligible for the IRS Fast Track Settlement
There are instances where certain cases are not eligible for the IRS Fast Track Settlement program. For example, if you did not cooperate during an audit or correspondence audits which are conducted by mail, you would be ineligible. Collection cases, frivolous tax issues, and partnership cases under TEFRA are ineligible for the program as well.
Although the IRS Fast Track Settlement program has been successful in helping business owners resolve tax issues much faster than they would in a heavily backlogged organization, it isn’t for everyone. Instead of dealing with tax issues and worrying about your tax bill over multiple years, many cases in the program are concluded in as little as 60 days. Plus, you retain your rights throughout the process and can still appeal afterward if you need.
NYC Tax Attorney Help to Resolve Tax Problems
If your business is under audit examination, this program can help resolve your problems faster. However, whether you qualify for the IRS Fast Track Settlement program or not, it’s a good idea to have an experienced tax lawyer on your side to help represent the best interests of your business throughout the process. A tax attorney at Mackay, Caswell & Callahan, P.C. can help you resolve tax problems while working with the IRS.
If you have tax questions or concerns, schedule a consultation by completing our online contact form or calling 844-MCC-4TAX (622-4829). An experienced NYC tax attorney working with one of our offices in Albany, New York City, Rochester, Syracuse, Utica, and Watertown can help you determine the best way to proceed.
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