I received a letter 5775 and I want to know what is it about it says it’s not an audit.
A) Letter 5775 is a notice from the Internal Revenue Service (IRS) that your tax return has been selected for a review. The letter does not mean that you are being audited, but it does mean that the IRS will be looking at your return more closely.
The IRS uses a computer program to select tax returns for review. The program looks for certain items on your return that may indicate that you may have made a mistake. If your return is selected for review, the IRS will contact you to ask for more information.
If you receive Letter 5775, you should not panic. The IRS is just trying to make sure that you have paid the correct amount of taxes. If you have any questions about the letter, you can contact the IRS at 1-800-829-1040.
Here are some of the reasons why you might receive Letter 5775:
- You have a complex return with many itemized deductions.
- You have a large refund.
- You have a history of filing late returns.
- You have a history of errors on your returns.
If you receive Letter 5775, you should:
- Keep a copy of the letter.
- Respond to the IRS within the time frame specified in the letter.
- Provide the IRS with any requested information.
- Be prepared to answer any questions that the IRS may have.
I hope this information is helpful. Please let me know if you have any other questions.