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 official document saying that the amount of tax recorded in someone's financial records is less than the tax they actually owe:

The court trimmed the total of his untaxed fraudulent income to $31,500 from the $53,000 listed by the IRS in its deficiency notice.

(Definition of “deficiency notice” from the Cambridge Business English Dictionary © Cambridge University Press)