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The penalty for filing a delinquent Form 3520 is 5% of the value of the unreported gift for each month that passes after its due date. The maximum penalty is 25% of the amount of the gift.
The IRS sent CP15 to notify you that a penalty was assessed and explain why it was assessed. This notice requests payment and explains that if you wish to dispute the penalty you must pay it first and then file a claim for refund.
When receiving Notice CP 15 or CP 215 a Taxpayer must act timely in response as there are only 30-days to respond. If a taxpayer does not wish to appeal, they do not need to do anything. A taxpayer may also dispute the penalty by first paying the penalty and then filing a claim at a later date.
Why you received IRS Notice CP215. Your business failed to filed its tax return, accurately report income information to the IRS, or pay employment taxes. The IRS sent CP215 to notify you of the penalty charged and to explain why it was charged.
When receiving Notice CP 15 or CP 215 a Taxpayer must act timely in response as there are only 30-days to respond. If a taxpayer does not wish to appeal, they do not need to do anything. A taxpayer may also dispute the penalty by first paying the penalty and then filing a claim at a later date.
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You may qualify for penalty relief if you tried to comply with tax laws but were unable due to circumstances beyond your control. If you received a notice or letter, verify the information is correct. If the information is not correct, follow the instructions in your notice or letter.
Why you received IRS Notice CP215. Your business failed to filed its tax return, accurately report income information to the IRS, or pay employment taxes. The IRS sent CP215 to notify you of the penalty charged and to explain why it was charged. A balance is now due.

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