Hey, this is Sean here. There is a lot of talk about IRS penalties and interest. In many cases, people could pay off the debt in a reasonable time if it wasn't for the penalties and interest that make it compound. There are a lot of administrative remedies, meaning you don't have to go to tax court to get these penalties removed or abated, as it's called. Almost all penalty types have remedies for good faith and reasonable cause. You just have to know where to send these letters, how to write them up, and there are certain formats and guidelines you have to follow. Additionally, you need to know how to document and communicate this properly to the IRS. These penalties can be abated, and the interest associated with them, up to two years from the time they're paid. So, you may pay this over a period of several years, and then even though you think, "Well, I've already paid it, I can't recover it," that's simply not true. Up to two years from the time it's paid, you can recover these penalties.
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Video instructions and help with filling out and completing Form 843 Preparation
