Question: What are some valid reasons to petition a Notice of Deficiency from the IRS? Is there a way to get this amount owed reduced?

I received a notice of Deficiency and am not sure how to proceed. Money is very tight these days and I was wondering if there is a way I can get this amount reduced? Or would they take payment plans? It's over $4,000. I'm wondering what kind of payment plan I could get it on that would be manageable and not take all my money.

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