(A) Every person who anticipates any taxable income which is not subject to § 38A.06, or who engages in any business, profession, enterprise or activity subject to the tax imposed by § 38A.03 shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity together with the estimated tax due thereon, if any; provided, however, if a person’s income is wholly from wages from which the tax will be withheld and remitted to the village in accordance with § 38A.06, such person need not file a declaration.
(B) (1) Such declaration shall be filed on or before April 15 of each year during the life of this subchapter, except that no penalties or interest shall be assessed, for not filing a declaration, on any resident taxpayer who was not domiciled in the village on the first day of January of the year in which they became subject to estimated payments, nor shall penalties or interest be assessed on estimated payments if the taxpayer has remitted an amount equal to 100% of the previous year’s tax liability, provided that the previous year reflected a twelve- month period.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration within 105 days after the beginning of each fiscal year or period.
(C) (1) Such declaration shall be filed upon a form furnished by or obtainable from the Administrator, or on other forms deemed acceptable by the Administrator. Credit shall be taken for village income tax to be withheld, if any, from any portion of such income. In addition, credit may be taken for tax payable to other taxing municipalities in accordance with this chapter.
(2) The original declaration (or any subsequent amendment thereof) may be increased or decreased on or before any subsequent quarterly payment date as provided herein.
(D) The taxpayer making the declaration shall, at the time of filing thereof, pay to the Administrator at least one-fourth of 90% of the estimated annual tax due after deducting any portion of such tax to be deducted or withheld at the source pursuant to § 38A.06, any credits allowable under the provisions of this chapter, and any overpayment of previous year’s tax liability which the taxpayer has not elected to have refunded. At least a similar amount shall be paid on or before the last day of the sixth, ninth, and twelfth months after the beginning of the taxpayer’s taxable year; provided, that in case an amended declaration has been duly filed, or the taxpayer is subject to the tax for a portion of the year only, the unpaid balance shall be paid in equal installments on or before the remaining payment dates.
(E) Effective January 1, 2003, such declaration of estimated tax to be paid to the village by corporations and associations shall be accompanied by a payment of at least one- fourth of 90% of the estimated annual tax and at least a similar amount shall be paid on or before June 15, September 15 and December 15. In the case of a fiscal year taxpayer the second, third, and fourth quarterly payments shall be due on the fifteenth day of the sixth, ninth, and twelfth months of the taxable year, respectively.
(F) On or before 105 days following the end of the year for which such declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due to the village shall be paid therewith in accordance with the provisions of § 38A.05.
(Ord. 623, passed 11-16-71; Am. Ord. 13-2001, passed 5-21-01; Am. Ord. 22-02, passed 9-3-02) Penalty, see § 10.99