(A) All taxes imposed and monies withheld or required to be withheld by employers under the provisions of this chapter and remaining unpaid after they become due shall bear interest at the rate of 12% per annum.
(B) In addition to interest as provided in division (A) of this section, penalties based on the unpaid tax are hereby imposed as follows: the taxpayer upon whom said taxes are imposed and any employer required by this chapter to deduct, withhold, and pay taxes imposed by this chapter shall be liable in addition thereto to penalty of 5% of the amount of the unpaid tax for each month or fraction thereof elapsing between the due date, including extensions thereof, and the date of payment, provided the total penalty shall not exceed 25% of the amount of the unpaid tax.
(C) A penalty shall not be assessed on an additional tax assessment made by the Commissioner when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Commissioner, 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, and provided that an amended return is filed and the additional tax is paid within three months after final determination of the federal tax liability.
(D) Upon recommendation of the Commissioner, the Board of Review may abate penalty or interest, or both, or upon an appeal from the refusal of the Commissioner to recommend abatement of penalty and interest, the Board of Review may nevertheless abate penalty or interest, or both.
(Ord. 1973-7-14, passed 9-11-73; Am. Ord. 1986-3-14, passed 5-16-86)