Long-running operations in web-application

Web application operations are generally meant to be quick to avoid long wait times to users. However, some operations the web application may perform may be computationally-intensive and take a fair bit of time. What is the best practice in REST to deal with such operations that may be take several minutes yet require an immediate response to users? Is it okay for the web application to take several minutes to return the response of the HTTP request, or is it better to return a 202 response, process in the background somewhere else, and then provide some form of notification to the user?