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LSDefine

Simple English definitions for legal terms

deficiency in tax

Read a random definition: stamp tax

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

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starfishies
10:26
I never expected schools to care so it's a pleasant surprise that they do haha
starfishies
10:26
when i was undergrad I did ED and it came out right around xmas
10:26
All I know is tons of schools had "waves" first week of december last year, like dec 8ish lol I had hoped the human side with thanksgiving's date this year would make them do a wave this week before, like imagine the emotional tie for someone that could get hys getting their duke A this week and celebrating with family, maybe they come to duke now when before it was a no. But the good money bet is that dec 8-17 is when the waves come
babycat
10:27
@Dkk: Awww dk that’s so sweet thank you
10:27
Hey anyone else have issues configuring automatic status checkers? when I add my username and password nothing seems to happen...
starfishies
10:28
they dont work from what I hear and most ppl don't recommend sharing that info with any website anyways
starfishies
10:28
but ive not heard of any disasters after people input their login anyways so you should be okay
10:29
fair enough thanks!
ClassyPleasantHeron
10:29
I'd only check a status checker to make sure my application is complete. Anything else is just asking for an anxiety attack. Schools will contact us when they have a decision ready.
snow
10:30
thats a good mindset to have
10:30
yeah I just submitted about 10 applications and submitting several more the next few days so I thought it would be easier to track them to make sure they all went complete
babycat
10:34
what I do is make a Google doc and put the links to all the status checkers in it
ClassyPleasantHeron
10:35
If you still have LawHub, I believe that checker still works.
babycat
10:35
lawhub doesn’t have every school on it though
snow
10:35
@babycat: have you submitted all your apps yet?
babycat
10:36
i got maybe three more to do. 10 done so far
snow
10:36
you sending cooley?
babycat
10:38
I’m applying Cooley binding ED
babycat
10:38
😋
snow
10:39
in all honesty, youd probs get rejected from cooley
triplethread
10:39
omg whoever recommended law hub thank you
snow
10:40
yall ever have someone try to tell you a "feel good" story but it makes you feel worse
triplethread
10:40
it doesnt have all of my schools but it does half over half which kills a lot of time for me
triplethread
10:40
have over half
triplethread
10:43
@llama: that looks complicated no thanks
10:46
@triplethread: no worries
starfishies
10:54
thats a beautiful spreadsheet what
starfishies
10:54
i wish i saw that before i made my notion board
10:55
Just lay there and llama will do all the work
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