a. As soon as practicable after each return is received, the City may examine and audit the return. If the amount of fee or tax computed by the City is greater than the amount returned by the person or business entity, the additional fee or tax shall be assessed and a notice of assessment mailed to the person or business entity by the City within five (5) years from the date the return was filed, except as otherwise provided as follows:
1. In the case of a failure to file a return or of a fraudulent return, the additional fee or tax may be assessed at any time.
2. In the case of a return where a person or business entity understates net profits or omits an amount properly includable in net profits, or both, which understatement or omission, or both, is in excess of twenty-five (25%) percent of the amount of net profits stated in the return, the additional fee or tax may be assessed at any time within six (6) years after the return was filed.
3. In the case of an assessment of additional fee or tax relating directly to adjustments resulting from a final determination of a federal audit, the additional fee or tax may be assessed before the expiration of the times provided in this Section or six (6) months from the date the City receives the final determination of the federal audit from the person or business entity, whichever is later.
4. The times provided in this Section may be extended by agreement between the person or business entity and the City. For the purposes of this Section, a return filed before the last day prescribed by law for filing the return shall be considered as filed on the last day. Any extension granted for filing the return shall also be considered as extending the last day prescribed by law for filing the return.
b. Every person or business entity shall submit a copy of the final determination of the federal audit within thirty (30) days of the conclusion of the federal audit.
c. The City may initiate a civil action for the collection of any additional fee or tax within the times prescribed in this Section.
(Ord. BG2020-23, 9/1/2020)