IRS Review Vs Audit: the difference
“We have received your tax return and it is being reviewed.” Many of us have received this message and have no idea what to make of it. Should you panic when you receive a message like this from the IRS?
In juxtaposing an IRS review vs audit, many people end up with a plethora of questions. Do they mean the same thing? What does the IRS mean when they say “taxes under review” Or “refund under review?” Why is my refund under review? What is the IRS review process? If my tax return is under review how long will it take? What does manual review mean on your taxes? And so many more questions along that line.
You may have received an IRS review letter (CP05) that has you wondering. If you have received an IRS review letter, you should know that the IRS is allowed to carry out a review or examination of your information and accounts to ensure you’re reporting things correctly and following the tax laws, the IRS double-checks your numbers to make sure you don’t have any discrepancies in your return.
An IRS review is the IRS’s way of saying “we have received your tax return and it is being reviewed.” It means that your return is pending because IRS is verifying information on your tax return.
Although similar, we can find a lot of differences when we compare an IRS review vs audit. A review is usually simpler. It does not require much from you and will be over in no time. However, if it doesn’t go well, it can lead to an audit.
What happens when the IRS reviews your tax return?
If you have received an IRS review letter, you may be wondering what the IRS means by “tax return being reviewed.” It simply means that your refund is under scrutiny and is being analyzed.
As mentioned earlier, having your return go through the IRS review process doesn’t always mean you will be audited because a review differs from an audit. However, your return could be selected for an audit if the IRS thinks it is necessary to have a more thorough examination after reviewing your return initially. If this happens, don’t fret. Rather, give full cooperation to the IRS to ensure that your return will be processed quickly.
When you have your tax return being reviewed, how long it will take depends on the information the IRS needs to verify.
The IRS review process is extensive and the agency checks manual tax returns manually. If you file your income tax return electronically, on the other hand, the IRS review process will be through a computerized system.
Is your tax return being reviewed by the IRS?
We are a tax relief firm dedicated to giving you the best results regarding resolving your tax debts. Our team of qualified professionals is available round the clock to provide you with the assistance you need. Contact us now at 888-585-8629 or 617-430-4674 or send us an email at email@example.com.
For more information, email firstname.lastname@example.org