The IRS can waive your penalties if you can provide a reasonable cause as to why you did not file your Form 2290 (or pay taxes) on time.
First-time filers have a good chance of waiving off the penalty and interest dues. If you have filed your return and paid your taxes on time for the past three years and are filing (or paying taxes) late for the first time, the IRS will consider removing your dues.
There isn't a specific reason you can give to the IRS, but the IRS will consider any reason beyond your control such as
Also, the IRS will require proof for the reasonable cause, which must be valid and authentic.