The phrase “IRS Settlement” is like nails on a chalkboard…the evil character from a horror movie…however, a new program called the Fast Track Settlement Program (FTS) allows small businesses and self-employed individuals who are under examination by the Small Business/Self-Employed Division to settle often in as little as 60 days rather than months or event years. It’s modeled after an existing successful program set up for larger businesses. Don’t worry- your rights are still protected and you can appeal if the process is unsuccessful.
Through this program, you work with both the SB/SE and the IRS Appeals office to expedite the resolution, with the Appeals rep serving as mediator with the goal of finishing up the case within a 60 day time period.
You can learn more about FTS on the IRS Website.