“We have received your tax return and it is being processed” typically refers to the acknowledgment by the IRS that they have received your tax return and are currently reviewing and assessing the information provided. It means that they have begun the process of reviewing the details you have submitted and verifying the accuracy of the information.
During the processing phase, the IRS will carefully examine your tax return to ensure that all required forms and schedules are included and that the information provided is consistent with the relevant tax laws and regulations. They may also perform various checks and calculations to determine the accuracy of the reported income, deductions, and credits.
The processing time can vary depending on several factors, such as the complexity of the tax return, the volume of returns being processed, and the efficiency of the IRS systems. It is not uncommon for the processing period to take several weeks or even months.
Once the tax return has been fully processed, the IRS will typically issue a notice or refund (if applicable) indicating the final outcome of the assessment. If any issues or discrepancies are identified during the processing, the IRS may contact you for additional information or clarification.