(a) All taxes imposed and all moneys withheld or required to be withheld by employers and all installments of estimated taxes required to be paid under the provisions of this chapter, and remaining unpaid after they become due, shall bear interest at the rate of 6% per year.
(b) In addition to interest as provided in this section, penalties based on the unpaid tax or installments of estimated tax are hereby imposed as follows:
(1) For failure to pay taxes or estimated taxes due, other than taxes withheld: the Tax Administrator may impose a penalty of 12% per year, but not less than ten dollars ($10.00);
(2) For failure to remit taxes withheld from employees: 10% per month or fraction of a month thereof, but the accumulated penalty shall not exceed 50% upon any unpaid amount and shall be not less than one hundred dollars ($100.00); and
(3) In the case of a taxpayer who fails to file his or her return when due, and who is not otherwise exempt from the filing requirement, the Tax Administrator may impose a penalty of twenty-five dollars ($25.00).
(c) A penalty shall not be assessed on an additional tax assessment made by the Administrator when a return has been filed in good faith and the tax paid thereon within the time prescribed by the Administrator. In the absence of fraud, neither penalty nor interest shall be assessed on any additional tax assessment resulting from a Federal audit, provided an amended return is filed and the additional tax is paid within three months after a final determination of the Federal tax liability.
(d) Upon recommendation of the Administrator, the Board of Review may abate penalty or interest, or both, or upon an appeal from the refusal of the Administrator to recommend abatement of penalty and interest, the Board may nevertheless abate penalty or interest, or both, for good cause shown.
(Ord. 2007-23. Passed 6-19-07; Ord. 2014-16. Passed 12-16-14.)