I received a letter from the IRS stating that our return is being held for a review. and this won't be completed until May26. What does this mean and what do I do?

[cameaf · Accepted solution]

When the IRS places your return under review, it simply means your tax return is pending.   Usually a CP05 notice is sent to taxpayers with returns officially under review. A CP05 review means the IRS needs to verify data on your income tax return. For some issues, you or your small business may need to provide additional information, but other times, the IRS contacts third parties to double-check the total withholdings, credits and income reported on the return. According the the IRS website www.irs.gov, the IRS is checking,

• The income you reported on your return
• The income tax withholding amounts you reported on your return
• The claims for tax credits you made on your return
• The withholding claimed on your Social Security benefits
• The household help you claimed
• The Schedule C income you claimed

Continue to check the status of your refund using the IRS website Where's My Refund? for updates.