In this video, I answer the question about if (and when) the IRS will waive penalties and interest and I show you exactly how to request the IRS to remove penalties and/or interest using Form 843. I cover two common situations: 1) if you elected S-corp status and didn't know you needed to pay yourself following employee payroll rules, so you are catching up your filings and you got an IRS letter with penalty and interest 2) If you fell behind on your Form 1040s and you get caught-up but also get an IRS letter with penalty and interest Form843 Claim for Refund & Request for Abatement: https://www.irs.gov/forms-pubs/about-form-843 Where do you mail the form? To the address on your letter with Interest & Penalties Need help organizing or catching up your accounting and taxes? The free business spreadsheet template has a basic accounting worksheet, quarterly taxes and end-of-year tax total worksheet. Get it here: https://www.amandarussell.mba/getthebusinessspreadsheet Check out the SMALL BUSINESS SCHOOL here: https://www.amandarussell.mba/30dayaccounting Other popular videos you may like: The Balance Sheet Explained: https://youtu.be/UXtRoEO9zp0 What is a Holding Company? https://youtu.be/SfGhXDMm5r4 Does the LLC save taxes? https://youtu.be/ZRaAs4Xq_yc Sole Proprietor vs. LLC vs. S-corp: https://youtu.be/tCiv1p0__JI How Businesses are Taxed: https://youtu.be/8qzQop2xPZY 9 Short Steps to Create Your LLC: https://www.youtube.com/playlist?list=PL6RQXhWqnQGEoKnvZXu9Jw84YQmvegmxA