Deficiency

Deficiency
Conceptually, the numerical difference between the amount of tax that a taxpayer or taxpaying entity reports on a tax return and the amount that the IRS determines is actually owed. The term only applies to shortfalls and not to surpluses. Taxpayers are notified of deficiencies via deficiency letters.

Deficiencies can easily become back taxes if prompt action is not taken by taxpayers. A notice of deficiency does not automatically equate to an audit or disciplinary action, but it should be taken seriously. Taxpayers can use the contact information provided on the deficiency letter to contact the IRS for further information.


Investment dictionary. . 2012.

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  • deficiency — de·fi·cien·cy /di fi shən sē/ n pl cies: an amount that is lacking or inadequate: as a: the difference between the amount of tax owed and the amount of tax paid b: the difference between the amount owed under a security agreement and the amount… …   Law dictionary

  • Deficiency — De*fi cien*cy, n.; pl. {Deficiencies}. [See {Deficient}.] The state of being deficient; inadequacy; want; failure; imperfection; shortcoming; defect. A deficiency of blood. Arbuthnot. [1913 Webster] [Marlborough] was so miserably ignorant, that… …   The Collaborative International Dictionary of English

  • deficiency — deficiency. См. дефишиенси. (Источник: «Англо русский толковый словарь генетических терминов». Арефьев В.А., Лисовенко Л.А., Москва: Изд во ВНИРО, 1995 г.) …   Молекулярная биология и генетика. Толковый словарь.

  • deficiency — 1630s, from deficience (mid 15c.) + CY (Cf. cy); or from L.L. deficientia, from deficientem (see DEFICIENT (Cf. deficient)) …   Etymology dictionary

  • deficiency — *imperfection, shortcoming, fault Analogous words: *lack, want, dearth, defect: flaw, *blemish: *failure, neglect, default, miscarriage, dereliction Antonyms: excess …   New Dictionary of Synonyms

  • deficiency — [n] imperfection, inadequacy absence, bug*, dearth, defalcation, default, defect, deficit, demerit, dereliction, failing, failure, fault, flaw, frailty, glitch*, inability to hack it*, insufficience, insufficiency, lack, loss, need, neglect,… …   New thesaurus

  • deficiency — ► NOUN (pl. deficiencies) 1) a lack or shortage. 2) a failing or shortcoming …   English terms dictionary

  • deficiency — [dē fish′ən sē, difish′ən sē] n. [ME deficience < LL deficientia < L deficiens, prp. of deficere to lack, fail < de , from + facere, to DO1] 1. the quality or state of being deficient; absence of something essential; incompleteness 2. pl …   English World dictionary

  • deficiency — A lack, shortage, or insufficiency. The amount by which the tax properly due exceeds the sum of the amount of tax shown on a taxpayer s return plus amounts previously assessed or collected as a deficiency, less any credits, refunds or other… …   Black's law dictionary

  • deficiency — A lack, shortage, or insufficiency. The amount by which the tax properly due exceeds the sum of the amount of tax shown on a taxpayer s return plus amounts previously assessed or collected as a deficiency, less any credits, refunds or other… …   Black's law dictionary

  • deficiency — The amount by which a project s cash flow is not adequate to meet debt service. Bloomberg Financial Dictionary * * * deficiency UK US /dɪˈfɪʃənsi/ noun [C] (plural deficiencies) ► [C] a situation in which something is not as good as it should be …   Financial and business terms

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