Hello:
This has been a hot topic this year. When the IRS waives a penalty it is called abatement. If you are unable to get the penalties waived and cannot afford to pay in full it may benefit you to enter into an installment agreement to make manageable monthly payments. You can also try to reduce the actual amount of tax you owe by making an offer in compromise.
The following link should help you through this process: https://turbotax.intuit.com/tax-tips/tax-payments/video-irs-penalties-for-abatement/L0D9OI6ZO
Have an amazing day. Evelyn M (CPA 20+ years)
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