What this notice is about We charged you a penalty on your Form 5500. What you need to do Pay the amount due to avoid additional penalty and interest charges. Frequently Asked Questions What steps can I take if I can't pay the full amount? Visit Paying Your Taxes for more information about payment options. What if I don't pay the amount by the due date? Additional penalties and interest will accrue. Can I request the penalty be removed or reduced? If you believe we should consider a penalty, mail a signed statement to the address on your notice. Identify which penalty you want reconsidered and why. We'll review the information and let you know in approximately 45 days if we accept your explanation. Helpful information Publication 594, The IRS Collection ProcessPDF Need Help? You can authorize someone to contact the IRS on your behalf. See if you qualify for help from a Low Income Taxpayer Clinic. If you can’t find what you need online, call the IRS number at the top of your notice or letter.