(a) Every person who anticipates any taxable income which is 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 such estimated income or the estimated profit from such business during the year covered by the declaration together with the estimated tax due thereon.
(b) Exclusive of taxpayers filing on a fiscal basis, such declaration shall be filed on or before April 30, of each year beginning with the year 1987.
(c) Such declaration shall be filed upon a form or forms furnished by or obtainable upon request from the Income Tax Division, which form or forms may contain a statement that the figures used in making such declaration are the figures used in making the declaration of the estimate for the Federal Income Tax adjusted to set forth only such income as is taxable under the provisions of this chapter.
(d) Such declaration of estimated tax to be paid to the City shall be accompanied by a payment of at least one-fourth (1/4) of the estimated tax. Exclusive of taxpayers filing on a fiscal basis, at least a similar amount shall be paid on or before July 31, October 31 and January 31 of each year. Such estimate may be amended upon the approval of the Income Tax Director.
(e) A taxpayer reporting on a fiscal year basis shall file, after his first fiscal year, a declaration within four (4) months after the start of each fiscal year accompanied by a payment of at least one-fourth (1/4) of the estimated tax shown due thereon. At least a similar amount shall be paid on or before the last day of each three-month period thereafter. Such estimate may be amended upon the approval of the Income Tax Director.
(Ord. 186-86. Passed 8-25-86.)
(f) A declaration of estimated tax which is less than seventy-five percent (75%) of the tax shown on the final return shall not be considered filed in good faith. The difference shall be subject to the penalties and interest in accordance with Section 181.10.
(Ord. 253-89. Passed 11-13-89.)