(a) Requirement of Filing.
(1) A declaration of estimated tax shall be filed by every taxpayer who may reasonably be expected to have income that is taxable to the City, the tax on which is not or will not be fully withheld upon by an employer or employers for City tax purposes.
(2) A taxpayer's final return for the preceding year may be used as the basis for calculating the declaration of estimated tax for the current year. In any event, declarations must present a good faith estimate of the tax that can reasonably be anticipated to be due.
(3) The Superintendent of Taxation may file a declaration or amended declaration of estimated tax on the behalf of a taxpayer when such declaration has not been received by the City or when such declaration, in the judgment of the Superintendent, is considered not to have been filed accurately and in good faith.
(4) If, upon the filing of the final return, the taxpayer did not pay at least 90% of the tax liability as properly shown on said return, the difference between 90% of the liability and the amount of estimated tax actually paid on or before January 31 of the following year or the thirteenth month after the beginning of a fiscal year, shall be subject to interest and penalty assessments as provided in the Income Tax Ordinance and these Rules and Regulations.
A. Any taxpayer whose declared taxes and payments are equal to or greater than the tax paid in the previous tax year shall not be assessed any interest or penalty for any increased taxes found to be due in the current year, except in the case where the required return and final return payment have not been submitted within the three and one-half month period after the close of the tax year.
B. An individual taxpayer who resides in the City and who is subject to penalty and interest assessment due to the underpayment of estimated tax shall not be assessed such penalty and interest if said taxpayer was not domiciled in the City on the first day of January of the calendar year for which the assessment was applicable.
(b) Date of Filing.
(1) Declarations are to be filed each year by April 15 or, for those taxpayers having a fiscal year or tax period differing from a calendar year, within three and one-half calendar months after the beginning of such tax period.
(2) A person or other entity conducting a business not previously subject to the tax, or who has income not fully withheld upon, shall file a declaration within three and one-half months after first becoming subject to the tax.
(c) Amended Declarations. An amended declaration must be filed on or before January 31 of the following year, or in the case of a taxpayer on a fiscal year basis, on or before the last day of the thirteenth month following the beginning of such fiscal year, if it appears that the original declaration made for such taxable year underestimated the taxpayer's income by 10% or more. At such time, a payment which, together with prior payments, is sufficient to pay the taxpayer's entire estimated liability shall be made.
(d) Form of Filing.
(1) Declarations shall be filed on a form furnished by or obtainable from the City Income Tax Division or other form as approved by the Superintendent of Taxation. Credit shall be taken for City tax to be withheld from any portion of the income. Additionally, credit may be taken for tax properly due and paid or properly withheld and remitted to another taxing municipality or joint economic development district.
(2) The original estimate of tax liability or any subsequent amended estimate may be increased or decreased by filing an amended declaration on or before any quarterly payment date. Such amendment may be made on the regular declaration remittance form.
(e) Dates of Payments.
(1) The estimated tax of an individual taxpayer may be paid in full with the declaration or in equal installments on or before the last day of the fourth, seventh, tenth and thirteenth month after the beginning of the taxable year.
(2) The estimated tax of a business taxpayer may he paid in full with the declaration or in equal installments on or before the fifteenth day of the fourth, sixth, ninth and twelfth month after the beginning of the taxable year.
(3) In the event that an amended declaration has been filed, the unpaid balance shown due thereon shall be paid in equal installments over the remaining payment dates.
(f) Final Returns Required. The filing of a declaration does not relieve the taxpayer of the duty and necessity of filing a final annual City income tax return even though there may be no difference between the estimated tax liability and the actual tax liability and payment has been made in full.
(Ord. 67-28. Passed 12-4-67; Res. 90-R-29. Passed 10-1-90; Ord. 02-24. Passed 12-23-02.)