Final answer:
The Fast Track Settlement Program is an IRS service that expedites tax dispute resolutions by involving a mediator and retaining appeal rights. It aims to facilitate discussions and agreements between taxpayers and the IRS, avoiding lengthy litigation.
Step-by-step explanation:
The Fast Track Settlement (FTS) Program is a service provided by the Internal Revenue Service (IRS) designed to expedite the resolution of tax disputes. It allows businesses and individual taxpayers to resolve audit issues in an efficient and cost-effective manner, while retaining the rights to appeal. The FTS Program brings together the IRS auditor, the taxpayer, and a neutral mediator from the IRS Office of Appeals to discuss disputed issues, with the goal of reaching a mutually satisfactory resolution.
The program is particularly helpful for taxpayers who wish to avoid lengthy litigation with the IRS. To be eligible for the FTS Program, there must be at least one open, unagreed issue from an audit, and the case must not be scheduled for a session with Appeals or in litigation. This program reflects the IRS's commitment to working with taxpayers to resolve disputes without resorting to the courts, thus saving time and resources for both parties.