(A) All taxes imposed and all monies withheld or required to be withheld by employers under the provisions of this subchapter and remaining unpaid five days after they become due shall bear interest at the rate of one and 8% per annum or fraction thereof. Interest due shall be calculated for each month or portion of month that tax due has not been paid.
(B) In addition to interest as provided in division (A) above, penalties based on the unpaid tax are hereby imposed as follows:
(1) Failure of an employer to file withholding and/or reconciliation reports as required on or before the due date, $25;
(2) Failure of an individual, business, corporation or other entity to file declarations and/or statements on or before the due date, $25;
(3) Failure to pay taxes due, other than taxes withheld, 1.5% per month or fraction thereof, or $25;
(4) Failure to remit taxes withheld from employees, 3% per month or fraction thereof, or $25, whichever is greater;
(5) Where the taxpayer has failed to file a return by the due date resulting from an extension, $25;
(6) Where the taxpayer has failed to file a declaration on which he or she has estimated and paid a tax equal to or greater than the tax paid for the previous year, or where he or she has filed a previous return and has failed to file a declaration on which he or she has estimated and paid a tax equal to or greater than 90% of the actual tax for the year, on or before the end of the month following the end of the taxable year; 10% of the difference between 90% or the actual tax for the year and the amount paid through withholding and declaration; and
(7) Except with the case of fraud, the penalty shall not exceed 50% of the unpaid tax.
(C) Exceptions: A penalty shall not be assessed on an additional tax assessment made by the City Auditor when a return has been filed in good faith and the tax paid thereon within the time prescribed by the City Auditor; and, provided further, that, 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.
(Prior Code, § 15.01.12)