Tax Deficiency
/ˈtæks dɪˈfɪʃənsi/
Definitions
- (n.) The amount by which a taxpayer's reported tax is less than the amount legally owed to the taxing authority.
The IRS issued a notice for a tax deficiency after reviewing the taxpayer’s returns.
Forms
- tax deficiency
Related terms
See also
Commentary
A tax deficiency typically arises after an audit or review and leads to further collection or dispute procedures.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.