2023-143 Ordinance - Laserfiche WebLink

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(2) Taxpayers filing joint returns shall file joint declarations of estimated taxes. A taxpayer may amend a declaration under rules prescribed by the Tax Administrator. A taxpayer having a taxable year of less than twelve months shall make a declaration under rules prescribed by the Tax Administrator. (3) The declaration of estimated taxes shall be filed on or before the date prescribed for the filing of municipal income tax returns under division (G) of Section 1501.05 or on or before the fifteenth (15&) day of the fourth month after the taxpayer becomes subject to tax for the first time. (4) Taxpayers reporting on a fiscal year basis shall file a declaration on or before the fifteenth (15&) day of the fourth month after the beginning of each fiscal year or period. (5) The original declaration or any subsequent amendment may be increased or decreased on or before any subsequent quarterly payment day as provided in this section. (C)(I) The required portion of the tax liability for the taxable year that shall be paid through estimated taxes made payable to the City, including the application of tax refunds to estimated taxes and withholding on or before the applicable payment date, shall be as follows: (a) On or before the fifteenth (15 ^) day of the fourth month after the beginning of the taxable year, twenty-two and one-half (22.5) percent of the tax liability for the taxable year; (b) On or before the fifteenth (15 ") day of the sixth month after the beginning of the taxable year, forty-five (45) percent of the tax liability for the taxable year; (c) On or before the fifteenth (I 5") day of the ninth month after the beginning of the taxable year, sixty-seven and one-half (67.5) percent of the tax liability for the taxable year; (d) For an individual, on or before the fifteenth (I 5s) day of the first month of the following taxable year, ninety percent (90%) of the tax liability for the taxable year. For a person other than an individual, on or before the fifteenth (15^) day of the twelfth month of the taxable year, ninety percent (90%) of the tax liability for the taxable year. (2) When an amended declaration has been filed, the unpaid balance shown due on the amended declaration shall be paid in equal installments on or before the remaining payment dates. (3) On or before the fifteenth (156) day of the fourth month of the year following that for which the declaration or amended declaration was filed, an annual return shall be filed and any balance which may be due shall be paid with the return in accordance with Section 718.05 of the Revised Code. (DXl) In the case of any underpayment of any portion of atm liability, penalty and interest may be imposed pursuant to Section 1501.18 upon the amount of underpayment for the period of underpayment, unless the underpayment is due to reasonable cause as described in division (E) of this section. The amount of the underpayment shall be determined as follows: (a) For the first payment of estimated taxes each year, twenty-two and one-half percent (22.5%) of the tax liability, less the amount of taxes paid by the date prescribed for that payment; (b) For the second payment of estimated taxes each year, forty-five percent (45%) of the tax liability, less the amount of taxes paid by the date prescribed for that payment; 35