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Yes. Your CPA/tax professional/attorney would send the IRS a letter requesting waiver of penalties, and then it would be up to the IRS to make the decision. No form exists - this is simply a letter in business format, sent once the audit is completed.
This is called a first time abatement penalty waiver. See HERE. The IRS has total discretion and may waive the penalties (normally not all but about 25% or so) at their discretion. The qualifying factors considered by IRS are listed in the link.
This letter does not have to be sent by a professional - it may be sent by you. However, using a professional is recommended.
I have generally seen positive results with such a letter for people who qualify.
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