(a) Every person who anticipates any taxable income which is not subject to Section 181.07 or who engages in any business, profession, enterprise or activity shall file a declaration setting forth such estimated income or the estimated profit or loss from such business activity together with the estimated tax due thereon, if any.
(b) (1) Such declaration shall be filed on or before April 15th of each year during the life of this chapter, or within four months after the date the taxpayer first becomes subject to the provisions of this section.
(2) Those taxpayers reporting on a fiscal year basis shall file a declaration within four months after the start of each fiscal year or period.
(c) (1) Such declaration shall be filed upon a form furnished by or obtained from the Tax Administrator.
(2) A declaration of estimated tax to be paid to the City shall be accompanied by payment as follows:
A. Individual taxpayers shall remit estimated tax payments in the amounts of at least twenty-two and one-half percent (22.5%) of the estimated annual tax liability for the current year, on or before April 15, disregarding any extension granted pursuant to Section 181.09(c) of this chapter, forty-five percent (45%) by June 15, sixty-seven and one-half percent (67.5%) by September 15 and ninety percent (90%) by December 15. Any amount deducted and withheld for taxes from the compensation of an individual shall be considered as estimated taxes paid in equal amount of each of the payments set forth in this section.
B. Non-individual taxpayers shall remit estimated tax payments in the amounts of at least twenty-two and one-half (22.5%) of the estimated annual tax liability for the current year on or before the day on which the annual tax return for the prior year is required to be filed disregarding any extension granted pursuant to Section 181.09(c) of this chapter or in the case of a fiscal year taxpayer, the fifteenth day of the fourth month of the taxpayer's taxable year; forty-five percent (45%) by June 15, in the case of a fiscal year taxpayer, the fifteenth day of the sixth month of the taxpayer's taxable year; sixty-seven and one-half percent (67.5%) by September 15 or, in the case of a fiscal year taxpayer, the fifteenth day of the ninth month of the taxpayer's taxable year; ninety percent (90%) by December 15 or, in the case of a fiscal year taxpayer, the fifteenth day of the twelfth month of the taxpayer's taxable year.
(3) Failure to file such a declaration, or pay at least the amount set forth in (c)(2) shall subject the taxpayer to the interest and penalties provided for in Section 181.12. Such assessment shall begin to run on the day following the due date of such declaration except that effective as of January 1, 2003 no penalty, interest, interest penalty, or other similar assessment or charge shall be levied against a taxpayer for the late payment or nonpayment of estimated tax liability if one of the following applies:
A. The taxpayer is an individual who resides in the municipal corporation but was not domiciled there on the first day of January of the current calendar year; or
B. The taxpayer has timely remitted, pursuant to this section, an amount at least equal to one hundred percent (100%) of the taxpayer's tax liability for the preceding year as shown on the return filed by the taxpayer for the preceding year, provided that the return for the preceding year reflected a twelve-month period and the taxpayer filed a return for the preceding year; or
(4) A declaration may be amended at any time, provided, however, that in case an amended declaration is filed, the unpaid balance shown due thereon shall be paid in equal installments on or before the remaining payment dates.
(d) An amended declaration must be filed on or before January 31 of any year, or in the case a taxpayer on a fiscal year accounting basis, on or before the date fixed by regulation of the Tax Administrator, if it appears that the original declaration made by such year underestimated the taxpayer's income by thirty percent (30%) or more. At such time a payment shall be made which, together with prior payments, is sufficient to pay the taxpayer's entire estimated liability. If, upon the filing of the return required by Section 181.09 it appears that the taxpayer did not pay ninety percent (90%) of the taxpayer's tax liability for the current year or one-hundred percent (100%) of the taxpayer's liability of the preceding year on or before January 31, or the date fixed by regulation, whichever is applicable, the difference between ninety percent (90%) of such taxpayer's tax liability and the amount of estimated tax the taxpayer actually paid on or before January 31, or the date fixed by regulation, whichever is applicable, shall be subject to the interest and penalty provision of Section 181.12.
(e) On or before the last day of the fourth month of the calendar or fiscal year following that for which the declaration was filed, an annual return shall be filed and any balance which may be due the City shall be paid therewith in accordance with the provisions of Section 181.09. (Ord. 01-2018. Passed 2-26-18.)