deficiency notice Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “deficiency notice” in the English Dictionary

"deficiency notice" in Business English

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deficiency noticenoun [C]

uk   us   (also notice of deficiency) US
TAX an ​officialdocument saying that the ​amount of ​taxrecorded in someone's ​financialrecords is less than the ​tax they actually ​owe: The ​courttrimmed the ​total of his untaxed ​fraudulentincome to $31,500 from the $53,000 ​listed by the ​IRS in its ​deficiencynotice.
(Definition of deficiency notice from the Cambridge Business English Dictionary © Cambridge University Press)
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