(a) All taxes imposed and all 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 one and one-half per cent (1 ½%) per month or fraction of a month thereof.
(Ord. 10-95. Passed 6-6-95.)
(b) In addition to interest in subsection (a) hereof, penalties are hereby imposed as follows:
(1) For failure to pay taxes due other than taxes withheld, 1.5% per month or fraction thereof;
(2) For failure to file an annual return; a minimum of ten dollars ($10.00);
(3) For failure to pay taxes withheld from employees: 10% per month or fraction thereof.
(c) Exceptions. A penalty shall not be assessed or an additional tax assessment made by the Designated Collecting Agent or Village Tax Coordinator when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Designated Collecting Agent or Village Tax Coordinator. In the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a federal audit, providing an amended return is filed and the additional tax is paid within three months after the final determination of the federal tax liability. (Ord. 45-95. Passed 12-19-95.)
(d) Upon recommendation of the Designated Collecting Agent, the Board of Review may abate penalty or interest, or both, or upon an appeal from the refusal of the Designated Collecting Agent to recommend abatement of penalty or interest, the Board may nevertheless abate penalty or interest, or both. (Ord. 10-95. Passed 6-6-95.)