Tag: irs audit

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Apr 17

What does Transaction Code 420 mean on my Account Transcript?

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…

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Dec 10

15 Red Flags that will get you audited by the IRS

Had a great year last year and suddenly enjoyed a surge in income? You could have a target on your back for an IRS audit. While getting audited is no fun, you can survive! The key to remember is you need to have solid documentation to back up any claims you make about your overall…

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