The IRS does offer First-Time Penalty Abatement (FTA) for taxpayers that have not been assessed any penalties (except for underpayment of estimated tax) for the three years preceding the penalty year. The abatement applies to failure-to-file, failure-to-pay, or failure to deposit penalties for a single tax year (or period). It does not apply to under payment of estimated tax, which is essentially just interest on tax owed which cannot waived.
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