So, of course you may be wondering how you can also remove them from your balance.
Has the IRS made a mistake with your taxes? If you can resolve an incorrect tax assessment, you can get the penalties and interest removed.
Individuals who haven’t had penalties for the previous three years can ask for an abatement of the penalties for one year. This is an easy way to reduce one year’s worth of penalties, and all you have to do is ask.
Consult with a tax attorney to ensure that you're 100% compliant with all of the IRS rules before filing for an abatement of the penalties. This can save you from a ton of headaches and wasting time!