WASHINGTON - The Internal Revenue Service has launched a "Fast Track Settlement" program that would allow tax-exempt bond issuers and nonprofit organizations that are under audit by the IRS and meet certain conditions to obtain settlements within 60 days.

The IRS on Monday announced the creation of the FTS program, which is effective immediately, and said its tax exempt and governmental entities division and Office of Appeals would be jointly overseeing a two-year pilot of the program. After that period, the program will be re-evaluated, adjusted if needed, and made permanent if successful, the agency said.

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