Is it possible to reduce the penalties and interest? Mar 17, 2016 22:01:28 GMT Quote Select PostDeselect PostLink to PostMemberGive GiftBack to Top Post by myTax Solutions on Mar 17, 2016 22:01:28 GMT Yes! It most cases it is possible to ask the IRS to remove or reduce certain penalties. In order to request the removal or reduction of penalties you need to submit a “Penalty Abatement Request”.