An IRS tax transcript is a detailed record of your tax return filing, payments, adjustments, and collection activity — and understanding the transaction codes on your Account Transcript is essential for tracking refunds, identifying audit activity, calculating statute expiration dates, and managing any IRS dispute. Key Takeaways There are five types of IRS transcripts — the Account Transcript is the most useful for tax resolution Transaction Code 150 marks your assessment date, starting both the audit and collection statutes Codes 420/424 indicate audit activity; codes 520/530 relate to collection freezes and closures You can access transcripts online at IRS.gov, by phone, by mail, or through a tax professional Transcript analysis is a critical first step in any tax resolution strategy Types of IRS Transcripts The IRS offers five different types of transcripts, each serving a different purpose: 1. Tax Return Transcript Shows most line items from your original tax return as filed, including any forms and schedules. This is useful for verifying what was reported to the IRS and is often requested by mortgage lenders and financial institutions. 2. Tax Account Transcript The most valuable transcript for tax resolution. It shows all transactions on your account — assessments, payments, penalties, interest, refunds, adjustments, and collection actions — with transaction codes that reveal exactly what the IRS has done with your account. 3. Record of Account Transcript Combines the Tax Return Transcript and Tax Account Transcript into a single document. This provides the most complete picture of both what you filed and what happened afterward. 4. Wage and Income Transcript Shows income information reported to the IRS by third parties (employers, banks, brokerages) via W-2s, 1099s, and other information returns. This is the data the IRS uses for document matching. If your return does not match these records, you may receive...