(a) All taxes imposed and all moneys withheld or required to be withheld by employers under the provisions of this chapter and remaining unpaid after they become due shall bear interest at the rate of two percent (2%) per month or fraction thereof.
(b) In addition to interest as provided in subsection (a) hereof, penalties for failure to pay taxes, to withhold and remit and to file a tax return pursuant to the provision of this chapter are hereby imposed as follows:
(1) For failure to pay taxes due - other than taxes withheld; two percent (2%) per month or fraction thereof based on the amount of unpaid tax or ten dollars ($10.00), whichever is greater.
(2) For failure to remit taxes withheld or required to be withheld from employees; three percent (3%) per month or fraction thereof based on the amount of unpaid tax.
(3) For failure to file a return by the due date or by the date resulting from extension when no taxes are due, penalty shall be ten dollars ($10.00).
(4) No penalty or interest shall be charged against a taxpayer for the late payment or nonpayment of estimated tax liability if the taxpayer is an individual who resides in the Village, but was not domiciled there on the first day of January of the current calendar year.
(c) A penalty shall not be assessed on an additional tax assessment made by the Administrator when a return has been filed in good faith and the tax paid within the time prescribed by the Administrator. Further, in the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a Federal audit, provided an amended return is filed and the additional tax is paid within three months after final determination of the Federal tax liability.
(d) Upon recommendation of the Administrator, the Board of Review may abate penalty or interest, or both, or upon an appeal from the refusal of the Administrator to recommend abatement of penalty and interest, the Board may abate penalty or interest, or both.
(Ord. 813. Passed 11-13-72; Ord. 1046. Passed 4-9-84; Ord. 1451. Passed 12-27-01; Ord. 1509. Passed 11-22-04.)