The transaction code TC 420 is an Examination of the tax return and is the code that will appear on your tax transcript if your tax return has been referred for further examination or audit. The IRS uses this code TC 420 when a tax return is submitted to the Examination or Appeals Division. TC…
If the IRS selects your tax return for audit (also called examination), it doesn’t automatically mean something is wrong. The IRS performs audits by mail or in person. The notice you receive will have specific information about why your return is being examined, what documents if any they need from you, and how you should proceed. Once the IRS completes the…
