Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

deficiency in tax

Read a random definition: bonitary ownership

A quick definition of deficiency in tax:

Term: Deficiency in Tax

Definition: Deficiency in tax refers to a situation where a person or business owes more taxes than they have paid. This means they have not paid the full amount of taxes they were supposed to pay. It is important to pay the correct amount of taxes to avoid penalties and legal consequences.

A more thorough explanation:

Definition: Deficiency in tax refers to the amount of tax owed by a taxpayer that is not paid or underpaid. It is the difference between the amount of tax that should have been paid and the amount that was actually paid.

For example, if a taxpayer owes $10,000 in taxes but only pays $8,000, then there is a deficiency in tax of $2,000.

Another example is if a taxpayer fails to report all of their income on their tax return, resulting in a lower tax liability than what they actually owe. This would also be considered a deficiency in tax.

The examples illustrate how a deficiency in tax can occur when a taxpayer does not pay the full amount of taxes owed or fails to report all of their income. This can result in penalties and interest charges from the IRS.

deficiency dividend | deficiency letter

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
LSD+ is ad-free, with DMs, discounts, case briefs & more.