(a) Every taxpayer or person who anticipates any taxable income which is not subject in whole or in part to Section 191.06 hereof, or who engages in any business, profession, enterprise or activity shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity together with the estimated tax due thereon, if any.
(b) Such declaration shall be filed on or before April 15 of each year during the life of this chapter, or on or before the federal filing date if it is other than April 15th, or within one hundred five (105) days of the date the taxpayer becomes subject to tax for the first time. (See subparagraph (d)(3) for exceptions to this provision.)
(c) Such declaration shall be filed upon a form or forms furnished by or obtainable from the Finance Director, or on an acceptable generic form as defined in this Chapter, which form or forms may require 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 the City shall be accompanied by a payment of at least one-fourth of the estimated annual tax due from income from which the tax is non-withheld and/or under-withheld.
(1) If the taxpayer is an individual, at least a similar amount shall be paid on or before the last day of the seventh (7th), tenth (10th), and thirteenth (13th) months after the beginning of the taxpayer's taxable year, provided that in case an amended declaration has been filed, or the taxpayer is taxable for a portion of the year only, the unpaid balance shall be paid in equal installments on or before the remaining payment dates.
(2) If the taxpayer is a corporation or association, at least a similar amount shall be paid on or before the fifteenth day of the sixth, ninth, and twelfth months of the taxable year; provided, however, that in case an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(3) no penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the City on the first day of January in the year in which they became subject to estimated payments, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to one hundred percent of the previous year's tax liability, provided that the previous year reflected a twelve-month period and the taxpayer filed a return for that year, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to ninety percent (90%) of the final tax liability for the tax year due on or before the federal annual return filing date of the current year.
(e) An amended declaration must be filed on or before January 31 of any year, or in the case of a taxpayer on a fiscal year accounting basis, on or before one month after the close of the fiscal year, if it appears that the original declaration made for such year underestimated the taxpayer's income by twenty percent or more. At such time a payment which, together with prior payments, is sufficient to pay the taxpayer's entire estimated liability, shall be made. If upon the filing of the return required by Section 191.05 hereof it appears that the taxpayer did not pay eighty percent of his tax liability, as shown on the return, on or before January 31 or the date fixed by regulation, whichever is applicable, the difference between ninety percent of such taxpayer's tax liability and the amount of estimated tax he actually paid on or before January 31 or the date fixed by regulation, whichever is applicable, shall be subject to the interest and penalty provisions of Section 191.10.
(f) Those taxpayers having a fiscal year or period differing from the calendar year shall file a declaration within one hundred five (105) days after the start of each fiscal year or period, accompanied by a payment of at least one-fourth of the estimated annual tax shown due thereon, and shall make quarterly payments each three months thereafter.
(g) On or before April 15 of the year following that for which such declaration or amended declaration was filed or, in the case of a fiscal year taxpayer, on or before the fifteenth day of the fourth month after the close of the fiscal year for which a declaration was filed, or on or before the federal filing date if it is other than the 15th day of the fourth month from the end of such fiscal year or period, an annual return shall be filed and any balance which may be due the City shall be paid therewith in accordance with the provisions of Section 191.05 hereof. (Ord. 09-10. Passed 4-6-09.)