Yes — the IRS has two main ways to waive penalties: First-Time Penalty Abatement (FTA) and Reasonable Cause. First-Time Abatement is available if you have a clean penalty history for the prior 3 years — you simply request it by phone or in writing and it's often granted automatically. Reasonable Cause requires showing that you had a legitimate reason for the failure (serious illness, natural disaster, reliance on incorrect IRS advice, etc.). FTA is faster and easier if you qualify. Interest generally cannot be waived unless the IRS made an error. Always request penalty abatement before paying — once you pay, it's harder to get a refund of penalties.