@navoni1 if you do get a penalty notice, you can request by sending a letter with the notice requesting abatement of the penalties (see below for qualifications). Interest cannot be abated. so only pay the interest portion.
IRS’s First-time Penalty Abatement Relief (FTA): Can be used to abate both the FTF and FTP penalties for a taxpayer in good standing (filed all returns, paid all taxes or in an IRS agreement on the balances owed) with clean compliance history (no penalties in past three years prior to the penalty year).
