Deficiency

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Dictionary Says

Definition of '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.
Investopedia Says

Investopedia explains 'Deficiency'

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.

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'Deficiency'

  • Avoiding Foreclosure Scams

    http://www.investopedia.com/articles/pf/07/foreclosure_scam.asp
    ... This may complicate things, as it allows your lender to pursue a deficiency judgment,
    which represents the difference between the sold price of the property ...

  • 5 Tax(ing) Retirement Mistakes

    http://www.investopedia.com/articles/retirement/08/taxing-mistakes.asp
    ... than 5% of the company. Failure to take the distribution can result in
    a penalty of 50% of the deficiency. Let's say your RMD for ...

  • 5 Ways To Avoid Foreclosure - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0911/5-Ways-To-Avoid-Foreclosure.aspx
    ... However, the sale price must be enough to pay out the mortgage, otherwise you
    will have a deficiency and still owe the mortgage company. ...

  • Short Sell Your Home To Avoid Foreclosure

    http://www.investopedia.com/articles/mortgages-real-estate/08/short-sell-home-avoid-foreclosure.asp
    ... The lender either forgives the difference or gets a deficiency judgment against
    the borrower requiring him or her to pay the lender all or part of the ...

  • Healthcare's Balanced ETF

    http://stocks.investopedia.com/stock-analysis/2008/Healthcares_Balanced_ETF_RYH.aspx
    ... Biotech The $14.8 billion Amgen (Nasdaq:AMGN) is led by the sale of its Aranesp
    and Epogen drugs used for the treatment of anemia (deficiency of hemoglobin in ...

  • 5 Tax(ing) Retirement Mistakes Slideshow | Investopedia

    http://www.investopedia.com/slide-show/5-taxing-retirement-mistakes
    ... year you reach age 70.5. Failure to take the distribution can result in
    a penalty of 50% of the deficiency. It is not uncommon to ...

  • 5 Tax(ing) Retirement Mistakes Slideshow | Investopedia

    http://www.investopedia.com/slide-show/5-taxing-retirement-mistakes/rmd.aspx
    ... year you reach age 70.5. Failure to take the distribution can result in
    a penalty of 50% of the deficiency. It is not uncommon to ...

  • 5 Tax(ing) Retirement Mistakes Slideshow | Investopedia

    http://www.investopedia.com/slide-show/5-taxing-retirement-mistakes/conclusion.aspx
    ... year you reach age 70.5. Failure to take the distribution can result in
    a penalty of 50% of the deficiency. It is not uncommon to ...

  • 5 Tax(ing) Retirement Mistakes Slideshow | Investopedia

    http://www.investopedia.com/slide-show/5-taxing-retirement-mistakes/inherited-ira.aspx
    ... year you reach age 70.5. Failure to take the distribution can result in
    a penalty of 50% of the deficiency. It is not uncommon to ...

  • 5 Tax(ing) Retirement Mistakes Slideshow | Investopedia

    http://www.investopedia.com/slide-show/5-taxing-retirement-mistakes/social-security.aspx
    ... year you reach age 70.5. Failure to take the distribution can result in
    a penalty of 50% of the deficiency. It is not uncommon to ...

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