(a) Every taxpayer having or anticipating any income not subject to the provisions of Section 181.06, or who engages in any business, profession, enterprise or activity subject to the tax imposed by Section 181.03, shall file a declaration setting forth the estimated annual income, or the estimated profit or loss from such business activity, together with an estimate of the amount of tax due thereon. Such declaration shall be filed quarterly as provided in subsection (b) hereof, upon a form furnished or obtainable from the Tax Administrator. The estimated amount of tax due annually may be amended each quarter to reflect the tax due under this chapter.
(b) Such declaration of estimated annual tax to be paid to the City of Alliance shall be accompanied by a payment of at least one-fourth of the estimated annual tax for such year and shall be paid on or before April 15, June 15, September 15 and January 15 of the succeeding year. Provided, however, that on or before April 15 of the year succeeding that for which such declaration was filed, an annual return shall be filed and any tax remaining due the City of Alliance in the amount of one dollar ($1.00) or more shall be paid therewith. Should it then appear that such taxpayer has paid more than the amount of the tax to which the City of Alliance would be entitled under the provisions of this chapter, such overpayment shall be applied against any subsequent liability hereunder, or, at the election of the taxpayer and so indicated on the tax return, such overpayment (or portion thereof) shall be refunded, but in no event shall overpayment of less than one dollar ($1.00) be refunded.
(c) Those taxpayers reporting on a fiscal year basis shall file and pay the annual declarations of estimated tax and the annual return and tax due thereon using the corresponding calendar quarter of the fiscal year.
(d) If a taxpayer's total quarterly estimate payments do not equal at least seventy percent (70%) of the total tax liability as established on the taxpayer's annual tax return or if the taxpayer's total quarterly estimate payments do not equal the taxpayer's tax liability for the preceding year, provided that such preceding year's liability was not zero, interest and penalty shall be assessed at the following rates and in the following manner:
(1) The taxpayer's annual tax liability as established on the taxpayer's annual return shall be divided by four to determine the amount of tax which should have been paid quarterly on an estimated basis. The difference between the amount of tax which should have been paid quarterly on an estimated basis and the amount of tax actually paid quarterly on an estimated basis shall be subject to a penalty of one percent (1%) per month or fraction thereof and interest of one percent (1%) per month or fraction thereof from the due date of each quarterly installment to the date the annual return is due or the tax paid thereon, whichever is earlier.
(2) In the event the taxpayer provides satisfactory evidence to the Tax Administrator that the taxpayer's annual income fluctuated in such a manner that the penalty and/or interest as specified in subsection (d)(1) hereof should not be imposed, the Administrator, as provided in Section 181.10(d), may waive any portion of such penalty and/or interest upon the request of the taxpayer and submission of evidence of such fluctuation to the Administrator.
(3) The Administrator may waive imposition of penalty and/or interest on underpayments of estimated taxes for good cause shown under guidelines established by the Board of Review.
(Ord. 04-07. Passed 5-21-07.)