Understanding Your CP295 Notice
We charged you a penalty on your Form 5500.
What you must do
- Pay the amount due to avoid additional penalty and interest charges.
Answers to common questions
What steps can I take if I can't pay the full amount?
Visit irs.gov/Payments 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.