A. Any person engaged in a business taxed under this chapter shall maintain and preserve, for a period of at least four years, suitable records as may be necessary to determine the amount of the tax due under this Chapter and shall, upon request of the Tax Collector, provide the necessary records to substantiate the tax paid or due for such business. If upon audit of such records, the Tax Collector determines the tax imposed by this chapter has not been paid in full, the Tax Collector shall notify the taxpayer of the balance due, including any accrued penalties. Such amount shall be paid within thirty (30) days after notice is issued by the Tax Collector.
B. If an audit reveals an overpayment, the Tax Collector shall notify the taxpayer of the amount overpaid. Unless the taxpayer requests a refund of the overpayment within thirty (30) days after notice is issued by the Tax Collector, the overpayment shall be applied as a credit against the next annual tax due.
C. If an audit reveals an underpayment of twenty-five dollars ($25.00) or less, the Tax Collector shall take no action to collect the underpayment.
D. Rather than request information and conduct an audit, the Tax Collector may request an applicant to file a corrected application for tax certificate. If such an application is filed and the Tax Collector is satisfied with its accuracy, the existence of any underpayment or overpayment under this section shall be determined with reference to that corrected application.
E. Although this Chapter permits projections of gross receipts and operating costs for the first renewal period, no taxpayer may use such projections following the first renewal period. Any tax remaining due with respect to the first renewal period after that period shall be calculated on the basis of the taxpayer's financial records of its actual financial activity.
(Ord. No. 2022-012 § 1 (part))