(a) If any person does not pay the Director the tax due under Section 52-73, that person is liable for:
(1) interest on the unpaid tax at the rate of 1% per month for each month or part of a month after the tax is due; and
(2) a penalty of 5% of the amount of the tax per month or part of a month after the tax is due, not to exceed 25% of the tax.
The Director must collect any interest and penalty as part of the tax.
(b) If any person does not timely file any report and pay the tax required under this Section, the Director may use any available information to estimate the tax due. As soon as the Director obtains available information on which to base the calculation of any tax payable by any person who has not timely filed any report and paid the tax, the Director may assess against that person any tax, interest, and penalties due and must notify that person of the total amount due by regular mail sent to the person’s last known address. The total amount assessed is due and payable within 10 days after the notice is sent.
(c) Every person liable for any tax under Section 52-73 must preserve for 3 years suitable records necessary to determine the amount of the tax. The Director may inspect and audit the records at any reasonable time.