deficiency

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Excess of a taxpayer’s correct tax liability for the taxable year over the amount of taxes previously paid for such year.
The Internal Revenue Service is authorized to assess deficiencies during an audit of the taxpayer’s return , and a deficiency may be used as the basis for penalties for the underpayment of tax, such as for negligence or fraud in filing the return.

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In mortgage finance, the shortfall of funds recovered through the sale of property securing a foreclosed loan compared to the amount of debt, accrued interest, foreclosure expenses, and damages incurred by the lender.
See deficiency judgment.


Example: A lender foreclosed a mortgage loan with outstanding principal balance of $100,000 and accrued interest of $2,000. At the foreclosure sale, the property brought $80,000. The lender claimed a deficiency of $22,000 plus expenses when filing for a judgment in the courts.

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also deficience

noun

The condition or fact of being deficient: defect, deficit, inadequacy, insufficiency, lack, paucity, poverty, scantiness, scantness, scarceness, scarcity, shortage, shortcoming, shortfall, underage. See excess/insufficiency/enough.

n

Definition: imperfection, inadequacy
Antonyms: adequacy, enough, faultlessness, perfection, plenty, satisfaction, sufficiency, superfluity

This entry contains information applicable to United States law only.

A shortage or insufficiency. The amount by which federal income tax due exceeds the amount reported by the taxpayer on his or her return; also, the amount owed by a taxpayer who has not filed a return. The outstanding balance of a debt secured by a mortgage after the mortgaged property has been sold to satisfy the obligation at a price less than the debt.

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:
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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IN BRIEF: An amount short of what is needed; shortage.

A deficiency of vitamin C causes scurvy.

LearnThatWord.com is a free vocabulary and spelling program where you only pay for results!

A lack or shortage; a condition characterized by the presence of less than the normal or necessary supply or competence.

• antidiuretic hormone d. — see diabetes insipidus.
• clotting factor d. — see clotting.
• Hageman factor d. — see clotting.
• nutritional d. — see under specific nutritional factors.
• Stuart factor d. — see clotting.

n

A lack or defect.

See words rhyming with "deficiency."

  See crossword solutions for the clue Deficiency.

Dansk (Danish)
n. - ufuldkommenhed, mangelfuldhed, underskud, manko, efterslæb

Nederlands (Dutch)
gebrek, tekort, onvolkomenheid

Français (French)
n. - manque, insuffisance, défaut de, (Méd) carence, déficience de, imperfection, faille, faiblesse (dans), (Fin) déficit, découvert

Deutsch (German)
n. - Fehler, Mangel, Defizit

Ελληνική (Greek)
n. - έλλειψη, ανεπάρκεια, ατέλεια ή ελάττωμα, κουσούρι

Italiano (Italian)
difetto, mancanza, deficienza

Português (Portuguese)
n. - deficiência (f)

Русский (Russian)
недостаток, дефицит

Español (Spanish)
n. - defecto, falla, déficit, deficiencia

Svenska (Swedish)
n. - bristfällighet, ofullständighet

中文（简体）(Chinese (Simplified))
缺乏, 不足

中文（繁體）(Chinese (Traditional))
n. - 缺乏, 不足

한국어 (Korean)
n. - 결여, (신체의) 결함, 결손

日本語 (Japanese)
n. - 不足, 欠乏, 不足量, 欠陥

العربيه (Arabic)
‏(الاسم) نقص شئ ضروري‏

עברית (Hebrew)
n. - ‮חוסר, מחסור, ליקוי, פגם‬

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