(A) On or before April 15 of each year, each person subject to the payment of a license fee or tax under this chapter shall make an annual report to the city, on a form furnished by the City Clerk, showing that business's gross receipts within the city during that business's preceding calendar year, January 1 through December 31. That person shall state on the form the amount of gross receipts in the city which the business reported to the federal government on its income tax return for that preceding calendar year, January 1 through December 31. The report on the form shall be signed by that license, or his or her agent, subject to penalties for perjury if the statements contained therein are not true and correct. The amount of the license tax for the current year shall be based on the gross receipts in that business's preceding business year. The person making the return shall, at the time of the filing thereof, pay to the city clerk the amount of the license fees shown as due thereon. No partial payment shall be allowed or accepted.
(B) All license fees shall be due and payable on April 15 of each year. Fees not paid by July 1 shall be delinquent and shall be increased by the assessment of a 10% penalty and interest at 18% per annum. Notices of delinquency shall be sent by August 1 and the following January 1 by the City Clerk to any business whose license tax or fees have not been paid.
(C) The City Council shall have the authority to extend the time for filing the return. The city will recognize any extension granted by the IRS, upon presentation of that extension by to the city. The extension shall be on the written request of the licensee. However, any balance unpaid when the payment is due under the terms of this chapter, shall bear interest at the rate of 18% per annum until paid. A late penalty of 1% per month, or fraction of month, to a maximum penalty of 5% shall be assessed in connection with an extension of time for filing against any license tax balance unpaid when payment is due unless the extension of time for filing against any license tax balance unpaid when payment is due unless the extension granted is for no more than 30 days or unless the application for extension is accompanied by payment of an estimated tax in an amount not less the 90% of the total tax as finally determined.
(D) The information in returns subject to license taxes under this chapter shall be confidential as respecting the business of any person and shall be made available only to officers and employees of the city whose official duties require the use of the information and on a confidential basis, to the Secretary of the Kentucky Revenue Cabinet or to employees in his or her department in reciprocation for access to the confidential files under his or her supervision. The city may publish statistics based on information in the returns in a manner as not to reveal data respecting the business of any particular person.
(E) The entire gross receipts derived from business must be reported, for the preceding calendar year, January l through December 31. If it is contended that any portion of the receipts does not constitute receipts from business within the meaning of this chapter or the tax payer hereunder questions the taxability of any of the items reported, there shall be attached to the return a detailed statement presenting a breakdown of the receipts, the source from which they were derived and reasons supporting the contentions. If as a result of an investigation conducted by the City Clerk, a return is found to be incorrect, the City Clerk is authorized to assess and collect any underpayments of the license fee with respect to net profits. If no return has been filed and a license fee is found to be owing, the fee actually owing may be assessed and collected with or without the formality of obtaining a delinquent return from the licensee.
(F) The year of adoption of this chapter January l, 2005 through December 31, 2005 shall be treated differently for purposes of filing. For the year 2005, the annual report will be due April 15, 2005, taxing income earned January 1, 2005 through December 31, 2005 No delinquency, as set out above, shall be applied until June 1, 2005 After the year 2005, all reporting and filing requirements will be as set out above.
(Ord. 5, Series 9-8-2005; Am. Ord. 6, Series 2005-2006, passed 12-8-2005) Penalty, see § 110.99