Assessment of Deficiency

Assessment of Deficiency

The amount that a taxpayer owes in back taxes as determined by the IRS and, if one was requested, an appeal. For example, if one owed $50,000 in taxes for 2009 but only paid $40,000, the IRS would make an assessment of deficiency for $10,000, plus interest and penalties.
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References in periodicals archive ?
Instead of paying the right taxes, we bribe examiners to avoid the huge assessment of deficiency taxes.
Fixing the tax system
The government had the use of the funds from May 15 to October 15 and therefore is precluded from the assessment of deficiency interest.
"Use of the money" principle prevails
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