English to Greek Bus/Financial Finance (general)

In the context of customer taxes, "deficiency" typically refers to a situation where a taxpayer owes additional tax beyond what they have already paid or had withheld.

More specifically, it refers to a tax shortfall resulting from an underpayment of tax liability. This underpayment can result from a number of reasons, such as a mistake in calculations or a failure to report income accurately.

When a taxpayer is assessed a deficiency, they may be subject to additional penalties and interest on the amount owed. The IRS or other tax authority will typically issue a notice of deficiency, which informs the taxpayer of the additional tax liability and provides them with an opportunity to dispute or appeal the assessment.

It's important to note that the precise definition and implications of a deficiency may vary depending on the specific tax laws and regulations in the relevant jurisdiction.