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Why did I get a letter from the IRS saying they are reviewing my taxes?
The CP05 A notice is mailed to taxpayers to notify them that the IRS is holding their refund until the accuracy of the tax credits, income tax withholding or business expenses has been verified. This notice or letter may include additional topics that have not yet been covered here.
Does CP05 lead to audit?
A CP05 notice is simply a notice that the IRS is auditing you. You don’t need to do anything unless you receive a follow-up letter from the IRS.
Why did I get a CP05A notice?
In short, a Notice CP05A means that the IRS is continuing to audit your return, the IRS continues to hold your refund pending a final decision, and you need to provide certain documentation to support the items listed in the prior notice, most likely, the Notice CP05.
What is a CP05A notice?
Why Did I Receive A CP05A Notice From The IRS? If you received this notice from the IRS, it means that the IRS is examining a tax return you filed, and they have questions about one or more aspects of that return that require further explanation and/or documentation from you.
What happens after CP05?
Next, contact the audit protection department if you filed your taxes with a service online to let them know you received this notice. Within 60 days of your CP05 notice, the IRS should send follow-up notices, known as CP05A or a CP05B.
How do you respond to a cp05a notice?
Send your response within 30 days from the date of the notice by:
- Faxing your documents to the fax number in the notice using either a fax machine or an online fax service.
- Mailing your response to the address shown on the stub.
How long can the IRS audit you?
five to six months
How long does an IRS audit take to complete? Now for the answer to the all too familiar question every tax attorney gets: “How long does a tax audit take?” The IRS audit period itself should generally take no more than five to six months. Sometimes with proper preparation, they can be resolved faster.
How long after a 4464C letter will I get my refund?
60 days
Receiving this letter, usually, means that your tax return will be delayed by 60 days (between 45-180 days). If there are instructions in the letter, act on them. Don’t just throw the letter away or ignore it.
Who is most likely to get audited?
Poor taxpayers, or those earning less than $25,000 annually, have an audit rate of 0.69% — more than 50% higher than the overall audit rate. It also means low-income taxpayers are more likely to get audited than any other group, except Americans with incomes of more than $500,000.
Where is my CP05 refund?
The IRS CP05 letter is a notification the IRS has placed a hold on the refund until they can verify one or more items reported on the tax return. This notification lets you know the tax refund you expected to receive in a few weeks may take more time to arrive.
Is a 4464C letter an audit?
It means the IRS has pulled your return for review but it is not an audit. They are verifying the information reported on your tax return and matching documents they received from payers such as employers, banks, etc.