What is a CP05 Letter and What Should I Do?

A CP05 notice from the IRS arrives in your mail. That's scary - nobody wants to receive a letter from the IRS. A CP05 notice means the IRS is reviewing your tax return.

Is it time to panic? Not really. Go ahead and open the letter and read it. In many instances, no action is required on your part (just read the letter and follow any instructions) - they are just writing you to let you know, and make sure you understand your tax return may be delayed at least 60 days or more.

If you’re still confused, use this guide to help you understand what the IRS is trying to tell you.