Can my Account Transcript tell me if I am selected for Audit?
Every year, the IRS selects millions of returns for examination but audits only a fraction of those selected. If you see TC 420, “Examination of tax return,” on your account transcript, it doesn’t necessarily mean you’ll be audited. If you’re actually being audited, you’ll receive a separate notice from the IRS. Generally, the IRS will initiate an examination within a year after the return is filed.