§ 110.13  ASSESSMENT OF ADDITIONAL TAX; FEDERAL AUDIT ADJUSTMENTS.
   (A)   As soon as practicable after each return is received, the Commission may examine and audit the return.  If the amount of license tax computed by the Commission is greater than the amount shown on the return filed by the business entity or employer, the additional license tax shall be assessed and a notice of assessment mailed to the business entity or employer by the Commission within five years from the date the return was filed, except as otherwise provided in this subsection.
      (1)   In the case of a failure to file a return or of a fraudulent return, the additional license tax may be assessed at any time.
      (2)   In the case of a return where a business entity understates net profit, or omits an amount that could properly be included in net profits, or both, which understatement or omission, or both is in excess of 25% of the amount of net profit stated in the return, the additional license tax may be assessed at any time within six years after the return was filed.
      (3)   In the case of an assessment of additional license tax relating directly to adjustments resulting from a final determination of a federal audit, the additional tax may be assessed before the expiration of the times provided in this subsection, or six months from the date the Commission receives the final determination of the federal audit from the business entity, whichever is later.
   (B)   The times provided in this subsection may be extended by agreement between the business entity and the Commission.  For the purposes of this subsection, 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.
   (C)   Every business entity shall submit a copy of the final determination of the federal audit within 30 days of the conclusion of the federal audit.
   (D)   The Commission may initiate a civil action for the collection of any additional license tax within the times prescribed in this subsection.
(1994 Jeff. Code, § 110.13)  (Jeff. Ord. 10-1986, adopted and effective 6-24-1986; Jeff. Am.Ord. 24-1986, adopted and effective 10-28-1986; Jeff. Am. Ord. 13-1989, adopted and effective 6-28-1989; Lou. Metro Am. Ord. No. 218-2007, approved 10-15-2007; Lou. Metro Am. Ord. No. 110-2008, approved 6-30-2008)  Penalty, see § 110.99