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<br />Regulations.
<br />5:03 Extensions
<br />A. Requests -All extension requests must be made on or before the date for filing the .
<br />return and, for good cause shown, the Administrtor may extend the time for filing
<br />such returns for a period not n exceed six (6) months or one (I) month beyond
<br />any extension granted by the Federal Internal Revenue Service. Upon receipt of
<br />a copy of any extension grurted by the Internal Revenue Service within this
<br />guideline, an extension shall be automatically gaoled by the Administrator. The
<br />Adrnwsuanr may deny the extension request if any delinquency exists on the
<br />taxpayers account.
<br />B. Automatic - In cases where an automats four (4) month extension (Form 4868)
<br />has been granted by the Internal Revenue Service, an automatic extension is
<br />granted by the Administrator without
<br />written request A copy of Form 4868 must be attached to the return when filed.
<br />However, should any tax due be anticipated, the provisions of Paragraph C must
<br />be met.
<br />C. Payment Requirement -1n cases where a balance is due on such annual return, the
<br />total of the expected balance is due at the time the extension is filed. No penalty
<br />or interest will be assessed m those which the return is filed and the final tax paid
<br />within the period as extended, provided all other filing and payment requirements
<br />of the Ordinance have been me[.
<br />D. Supplemental Documents - Infomration returns, schedules and statements needed
<br />to support fax returns are to be filed within the time limits set forth for filing the tax
<br />returns and made a part thereof.
<br />5:04 Consolidated Returns
<br />A General -The filing of consolidated returns shall be ]united m corporations filing
<br />estimated net profit returns and aanual net profit returns.
<br />B. Who May File a Consolidated Return -Consolidated returns may be filed by a
<br />goup of corporations who are affdiated ttuough stock ownership and whojoin in
<br />the filing of a federal consohdated income tax return. A consolidated return must
<br />include all subsidiaries which are includable members of an "affiliated group" as
<br />defined in the Federal Consolidated Return Regulation.
<br />C. Discontinuing Filing Consolidated Returns - When a consolidated return has been
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<br />filed for any taxable year, the consolidated group must continue [o file consolidated
<br />returns in subsequent years unless:
<br />1. Pemussion in writing is granted by the Adnilnishator to file separate
<br />returns; or
<br />2. The affiliated group temilnates un such manner that a federal wnsohdated
<br />income tax return is no longer required; or
<br />3. Pemtission in writing has been gaoled by the Commissioner of Internal
<br />Revenue m discontinue filing a federal consobdated income tax return.
<br />D. Corporation Entering or Leaving an Affiliated Group - If a corporation becomes
<br />a member of the affiliated group during the taxable year, or if a wrpomtion ceases
<br />to be a member of the atTdiated goup during that taxable year, the consolidated
<br />return must include the inwme of each subsidiary for the portion of the yeaz during
<br />which it was a member of the affiliafrA group as computed in accordance with the
<br />Federal Consolidated Return Regulations.
<br />E. Allocation Fractions - In detemdning the allocation fiac6on where a corporation
<br />becomes a member of the group, or ceases to be a member of the gaup during
<br />the taxable year, the property fraction shall be determined'on the basis of the
<br />average net book value of the property during the period such wrporation was a
<br />member of the group. The rental portion of the fiacfioq however, shall be
<br />computed at eight (8) times the rent during this period The gross receipt and wage
<br />fractions shall be based upon actual figures.
<br />F. Common Consent -All subsidiary corporations must agree in writing to the Ring
<br />of the consobdated retru. They will be liablejoindy and severally for the nix as
<br />will be the patent corpomton. The consent to file a consolidated return must be
<br />fled with the inifial consolidated return on or before the due date for filing,
<br />including extensions of time within which to file the return
<br />G. Loss Carryover Limitations -The net operating loss carryover of a corporation
<br />which filed a separate return in a prior yeaz may be carried over to a wnsolidated
<br />return yeaz in the same manner permitted by the Internal Revenue Code. For the
<br />purposes of this rile to the extent that the loss can only be coated forward to the
<br />same corporation's taxable net income, the net income attributable to this
<br />municipality in a year a loss is being utilized shall be computed by using only the
<br />same corporation's net income and allocafion methods.
<br />H. Computing Net Inwme -1n consolidating the net income, the faxable income of
<br />each corporation shall be computed in accordance with the provisions governing
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<br />the tastable income of separate corporations except that unrealized profits and A Amount Due -The payment due at the time of filing the annual return shall be the
<br />losses N transactions between members amount of tax imposed by the Ordinance of this municinaluty otter deducting
<br />of the affiliated group shall be elimvtated m the same manner and amount as
<br />computed in accordance with the Federal Consolidated Income Tax Return 1. The amount of said tax withheld (deducted at the source) by an employer
<br />Regulations. or employers pursuant to the Section of this municioalittirs Ordinance
<br /> enfitted "Collection at the Souroe".
<br />I. Non-deductible Expense Rule - In deteanwng expenses that are not allowable
<br />because they ate allocable to non-taxable income, such calculations shall be based 2. Credit for any tax paid or due another taxing municipality un accordance
<br />on the consolidated net income. with Sections 7:01 and 7:02 of these Regulations.
<br />5:05 Allocation of Net Profits by Administrator 3. The amount of said tau paid on a Declaration of Estimated Income Tax by
<br /> individuals, or in the case of busunosses, a Declarafion of Estimated Tax on
<br />A Tn the case of a corporation that coated on transactions with its stockholders or Net Profits in accordance with the section entitled "Returns" of the
<br />with other corporations related by stack ownership, interlocking directorates, or Ordinance of this munucipality, including any overpayments of previous
<br />some other method, or in case any person operates a division, branch, factory, years' tax which have not been otherwise applied
<br />office, laboratory or activity within a member toning municipality constituting a
<br />portion only of its total business, the Administrator shall require such additional B. Amounts Less Than One Tlollaz -Payments less than One and 00/100 Dollar
<br />information as he may deem necessary to ascertain whether net proSts are properly ($ L00) should not be remitted and refunds of less than One and 00/100 Dollaz
<br />allocated [o said taxing municipality. Tf the Administrator finds that net profits ate ($1.00) will not be refunded
<br />not properly allocated to said taxing municipality by reason of transactions with
<br />stockholders or with other corporafions related by stock ownership, interlocking C. Overpayment -Except as otherwise provided, should the return indicate an
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<br />direaomtes, or transactions with such division, branch, factory, office, laboratory of this
<br />overpayment of tax m which tltis murricipalily is enSded tmdei the provisions
<br />or activity, or by same other method, he shall make such allocation as he deems muniaoaliNs Ordinance endded "Refunds", such overpayment shall be refunded
<br />appropriate to produce a fair and proper allocation of net profits. or applied to the succeeding year's lac liability in accordance with Section 9:02.B
<br /> of these Regulations.
<br />5:06 Amended Returns
<br /> D. Where to Make Payments - Whenever the Ordinance or these Regulations require
<br />A Whem necessary, an amended return must be filed in order to report additional the filing of a reluro or the payment of a tax to the Administrtor, or to this
<br />income and pay any additional tax due or claim a refund of tax overpaid subject municipality, such return and/or payment shall be made directly to the Regional
<br />to the regnhements or limitations contained in the Ordinance. Such renrrn shall be Income Tax Agency.
<br />clearly marked "Amended". A taxpayer may not change the method of accounting
<br />or apportionment of the net profits after the due date for Sling the odgvtal return. 6:02 Collection at Soume
<br />Amended returns cannot be filed after three (3) years from the original filing date.
<br /> A. Withholding - It is the duty of each employer within or doing business within this
<br /> municioa(itvwho employs one or more persons on a salary, wage, commission or
<br />CHAPTER 6:00 other compensation as defined elsewhere, to deduct each time such compensation
<br /> is paid to an employee, subject to the Ordinatce, the fax from any such
<br />PAYMENT OF TAX compensation due by said employer W said employee. Except as otherwise
<br /> provided, the tax shall be deducted by the employer from:
<br /> I. The gross amount of all salaries, bonuses, incentive payments, wages,
<br />6:D1 Payment With Annual Relum ronmrissions or other foan of compensation paid (As defined in 2:01)to
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<br />35 employees who are residents of this municipality, regardless of the place
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