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The Director may, before issuing any final payment to any person performing any <br /> public work contract for the City, require such person to pay in full all license fees or <br /> taxes due under this title from such person on account of such contract or otherwise, and <br /> may require such taxpayer to file with the Director a verified list of all subcontractors <br /> supplying labor and/or materials to the person in connection with said public work. <br /> Section 9. Underpayment of tax, interest, or penalty- Interest- Limitations. <br /> (1) If, upon examination of any returns, or from other information obtained by the <br /> Director, it appears that a tax or penalty less than that properly due has been paid, the <br /> Director shall assess the additional amount found to be due and shall add thereto interest <br /> on the tax only. The Director shall notify the person by mail of the additional amount, <br /> which shall become due and shall be paid within thirty(30) days from the date of the <br /> notice, or within such time as the Director may provide in writing. <br /> (2) (a) For tax liabilities arising after December 31, 1991, and until the effective date of <br /> this ordinance, from the date of the liability to the date of payment, the rate of interest <br /> shall be variable and shall be an average of the federal short-term rate as defined in 26 <br /> U.S.C. Section 1274(d)plus two percentage points. The average will be computed as <br /> provided in RCW 82.32.050(2). <br /> (b) Interest imposed after the effective date of this ordinance, shall be computed from the <br /> last day of the month following the end of the reporting period and will continue to <br /> accrue until payment is made. In case of an audit the interest shall be computed from the <br /> first day of the month following each calendar year or portion thereof included in the <br /> audit period. <br /> (c) For the purposes of this section, the rate of interest to be charged to the taxpayer shall <br /> be an average of the federal short-term rate as defined in 26 U.S.C. Sec. 1274(d)plus two <br /> percentage points. The rate shall be computed by taking an arithmetical average to the <br /> nearest percentage point of the federal short-term rate, compounded annually, for the <br /> months of January, April, July, and October of the year immediately preceding the <br /> calendar year as published by the United States Secretary of the Treasury. The rate shall <br /> be adjusted on the first day of January of each year for use in computing interest for that <br /> calendar year. <br /> (3) The Director shall not assess, or correct an assessment for, additional taxes, penalties, <br /> or interest due more than four(4)years after the close of the calendar year in which they <br /> were due with the following exceptions: <br /> (a) The Director may issue an assessment against a person who is not currently <br /> registered or licensed or has not filed a tax return as required by this chapter for taxes <br /> due within the period commencing ten (10) years prior to the close of the calendar year <br /> in which the person was contacted in writing by the Director. <br /> (b) Against a person that has committed fraud or who misrepresented a material fact; or <br /> (c) Against a person that has executed a written waiver of such limitations. <br /> 7 <br />