(a) Each taxpayer who engages in business, or whose salaries, wages, commissions and other compensation are subject to the tax imposed by this chapter shall, whether or not tax be due thereon, make and file a return on or before April 15th of each year with the Tax Director on a form furnished by or obtainable from the Tax Director, setting forth the aggregate amount of salaries, wages, commissions and other compensation earned and/or net profits earned and/or gross income from such business less allowable expenses in the acquisition of such gross income earned during the preceding year and subject to the tax, together with such other pertinent information as the Tax Director may require. Provided, however that when the return is made for a fiscal year or other period different from the calendar year, the return shall be made on or before the 15th day of the fourth month after the close of said fiscal year or other period.
(b) Starting with taxable years beginning December 31, 2001 and thereafter the net loss from an unincorporated business activity may not be used to offset salaries, wages, commissions or other compensation or the net profits from a resident's share in a Subchapter S corporation. However, if a taxpayer is engaged in two or more taxable unincorporated business activities to be included in the same return, the net loss of one unincorporated business activity (except any portion of a loss separately reportable for municipal tax purposes to another taxing entity) may be used to offset the profits of another for purposes of arriving at overall net profits from unincorporated business activities. Commencing with taxable years beginning subsequent to December 31, 2001, the net loss from a resident's share of a Subchapter S corporation may not be used to offset salaries, wages, commissions or other compensation or the net profits from an unincorporated business activity. However, if a resident taxpayer is a shareholder in two or more Subchapter S corporations included in the same return, the net loss of one Subchapter S corporation (except any portion of a loss separately reportable for municipal tax purposes to another taxing entity) may be used to offset the profits of another for purposes of arriving at overall net profits from a resident's share in Subchapter S corporations. A husband and wife, in any taxable year, may elect to file separate or joint returns. (Ord. 01-086. Passed 1-1-02.)
(c) If a net operating loss has been sustained in any taxable year, such losses may not be carried forward or backward to any other taxable year. (Ord. 01-086. Passed 1-1-02.)
(d) The taxpayer making a return shall, at the time of filing thereof, pay to the Tax Director the amount of taxes shown as due thereon, provided, however, that where any portion of the tax so due shall have been deducted at the source, pursuant to the provisions of Section 181.07, or where any portion of the tax has been paid by the taxpayer, pursuant to Section 181.08, then said taxpayer shall pay only the balance due, if any, which shall be due and payable at the time of filing of said return. (Ord. 87-107. Passed 1-4-88.)
(e) A taxpayer who has overpaid his income tax in any taxable year may request a refund provided, however, there is no other tax liability and provided, further, that no amount of less than one dollar ($1.00) will be refunded or collected.
(f) The Tax Director shall have the authority to extend the time for filing of the annual return upon the request of the taxpayer for a period not to exceed six (6) months, or one (1) month beyond any extension requested of, or granted by the Internal Revenue Service for the filing of the Federal Income Tax Return. If such an extension is granted, the taxpayer shall file an estimated tax return and pay the estimated tax at such time as the return is originally due. In the event that said taxpayer underestimates his estimated tax by 10% or more of the final tax due, the Tax Director shall collect interest on the tax liability not paid by the original due date at a rate of 12% per annum, together with a penalty of 10% of the additional tax due.
(Ord. 87-107. Passed 1-4-88.)
(g) Affiliated corporations may not deduct a loss from any other corporation having a taxable profit. Operations of any affiliated corporation may not be taken into consideration in computing net profits or the Business Allocation Percentage Formula of another.
(Ord. 01-086. Passed 1-1-02.)
(h) When the last day for filing a return falls upon a Saturday, Sunday or federal holiday, the taxpayer shall be permitted to file on or before the first business day following said Saturday, Sunday or federal holiday without penalty.
(Ord. 01-086. Passed 1-1-02.)