Daily Tax Update - March 20, 2017: IRS Makes Changes to the Fast Track Settlement Program

IRS Makes Changes to the Fast Track Settlement Program:  Today, the Treasury Department and the IRS issued Revenue Procedure 2017-25, which makes changes to the fast track settlement program.  This revenue procedure formally establishes the Small Business/Self Employed (SB/SE) Fast Track Settlement program to provide an expedited format for resolving disputes between examination and SB/SE taxpayers.  This Fast Track Settlement program can be used by SB/SE taxpayers who have at least one fully developed issue under examination, which can be referred to IRS Appeals for resolution.  Additionally, the revenue procedure clarifies that the SB/SE Fast Track Settlement program is no longer available for cases under the jurisdiction of the Tax Exempt and Government Entities Division, which has a separate fast track settlement program.

IRS Issues Guidance on Employment Tax Refund Requests:  Today, the Treasury Department and the IRS issued Revenue Procedure 2017-28, which provides guidance to employers on the requirements for employee consent for an employer to request a claim for credit or refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act.