What are my chances of getting penalties reduced?

This is a very complicated question that does not have an easy answer, but the simple answer is that your chances of getting penalties reduced will depend on the explanation that you provide to the IRS. The IRS will review your explanation and make a determination of whether or not the reasons provided are sufficient to justify removal or reduction of penalties. In order to improve your chances and provide the best explanation possible, it is very important to make sure that you include any and all documentation you can find that will provide proof of the things that you have claimed. Also, make sure to review information provided by the IRS that explains the types of reasons that it is looking for.