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Simple English definitions for legal terms

deficiency assessment

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A quick definition of deficiency assessment:

A deficiency assessment is when the government checks to see if someone paid enough taxes. If they didn't pay enough, the government will make them pay the extra amount they owe. This happens after a review and court decision. It's like getting a second chance to pay what you owe.

A more thorough explanation:

A deficiency assessment is a determination by the IRS of additional tax owed by a taxpayer who underpaid. This assessment is made after administrative review and tax-court adjudication.

For example, if a taxpayer fails to report all of their income on their tax return, the IRS may conduct an audit and determine that the taxpayer owes additional taxes. The IRS will then issue a deficiency assessment to the taxpayer.

Another example is if a taxpayer claims deductions or credits that they are not eligible for, the IRS may determine that the taxpayer owes additional taxes and issue a deficiency assessment.

Overall, a deficiency assessment is a way for the IRS to collect the correct amount of taxes owed by a taxpayer who underpaid.

deferred payment | deficiency bill

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12:34
gotchu
hello friends
13:09
Yo
lawguy we're nearly stats twins :D
13:13
I saw that, and I saw you got the Georgetown interview invite yesterday too! Goodluck!
you too haha, i was super surprised to have received one so early not gonna lie
i heard the group interview is really chill and I'm kinda excited to do it
seems cool
13:14
Yeah, 7sage has a page that talks about the questions for each schools interview, GULC's seems unique
13:15
Idk how much of an effect it has on admissions chances but should be cool either way
ive heard the conversion rate for gulc group interview is pretty high even moreso if you have the stats
it's hard to say but i've also heard that the group interview is harder to get than the alumni interview. but who really knows tbh
im p sure they don't interview everyone and getting one this early should be a great sign!
13:16
Yeah I've heard the same ab the group interview
13:17
So maybe I'll see you in D.C. a year from now lmao
initiallaw
13:32
Speaking of stat twins kazuyamishima were exact stat twins lol
17:13
Anyone going to the UGA zoom thing on the 22nd?
17:16
My bad, 24th*
Idk, what's it for?
@Law-Guy: How'd you get the Vandy fee waiver?
17:32
What does going ur3 in 3 days mean at Uva 😅
that you will get UR2 in 3 more
17:33
somethings gotta give
I’m new. What’s the UR and UR2?
17:35
I already went ur2. It’s the 3rd status date change
17:35
@RustyWrangler: attend one of their virtual info sessions and they'll send you a fee waiver
@Law-Guy: Awesome, thanks! I'll sign up rn!
i'm not entirely sure
They've recently been sending a lot of interview invites
It means status change?
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