(A) Every seller shall, on or before the fifteenth day of each month make a report to the City Administrator, on forms provided by the city, specifying the total sales subject to this subchapter and the amount of tax collected under this subchapter. A report shall not be considered filed until it is actually received by the City Administrator.
(B) At the time the report is filed, the full amount of the tax collected by the seller shall be remitted to the City Administrator.
(C) Payments shall be applied in the order of the oldest liability first, with the payment credited first toward any accrued penalty, then to interest, then to the underlying tax until the payment is exhausted. If the City Administrator, in his or her sole discretion, determines that an alternative order of payment application would be in the best interest of the city in a particular tax or factual situation, the City Administrator may order such a change. The City Administrator may establish shorter reporting periods for any seller if the City Administrator deems it necessary in order to ensure collection of the tax. The City Administrator also may require additional information in the report relevant to payment of the liability. When a shorter reporting period is required, penalties and interest shall be computed according to the shorter reporting period. Reports and payments are due immediately upon cessation of business for any reason. All taxes collected by sellers pursuant to this subchapter shall be held in trust for the account of the city until payment is made to the City Administrator. A separate trust bank account is not required in order to comply with this provision.
(D) For good cause, the City Administrator may extend the time for filing a report or paying the tax for not more than one month. Further extension may be granted only by the City Council. A seller to whom an extension is granted shall pay interest at the rate of 1% per month on the amount of tax due, without proration for a fraction of a month. If a report is not filed and if the tax and interest due are not paid by the end of the extension granted, the interest shall become a part of the tax for computation of penalties prescribed in § 116.06.
(E) Every seller required to remit the tax imposed in this subchapter shall be entitled to retain 5% of all taxes due to defray the costs of bookkeeping and remittance.
(F) Every seller must keep and preserve in an accounting format established by the City Administrator records of all sales made by the seller and such other books or accounts as may be required by the City Administrator. Every seller must keep and preserve for a period of three years all such books, invoices and other records. The City Administrator shall have the right to inspect all such records upon request.
(Ord. 268, passed 9-4-2014) Penalty, see § 116.99