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Truthfully their are about 12 ways some good and some a little less than good. Let me give you some examples: If you could get rid of the penalties a lot of people could just pay the tax. That's what we would call abatement of penalties. The IRS will abate penalties for reasonable cause. Maybe you experienced one of these, Divorce, job loss, death of family members, mental or physical diseases, drug and alcohol problems, and many more. THESE ARE NOT REASONABLE CAUSE TO THE IRS. Bankruptcy is way to get rid of old tax debt, but is little less that a good solution. The Offer in Compromise allows you pay less than full amount, by negotiating the amount that you could reasonable pay. However, at tax professional could give some good advise on what would work for you.

As a business owner here is one of things that IRS hopes you don't know. It keep track of all your expenses and how you record or document them. For example: 1) Do you have a mileage log or use a phone app for that? 2) Do you record your business meetings, where you met, with the date, who attended and do you have meeting notes. 3) Do you meet with clients are tracking where you meet, what you discussed, are keeping the receipts. ( taking pic of them with your phone and electronically storing them. THE IRS HOPES YOUR ANSWER NO!