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3.19.070 Accounting methods. <br /> A. A taxpayer may file tax returns in each reporting period with amounts <br /> based upon cash receipts only if the taxpayer's books of account are kept on a <br /> cash receipts basis. A taxpayer who does not regularly keep books of account on <br /> a cash receipts basis must file returns with amounts based on the accrual <br /> method. <br /> B. The taxes imposed and the returns required, hereunder, shall be upon a <br /> calendar year basis. <br /> 3.19.080 Public work contracts. <br /> The Director may, before issuing any final payment to any person performing <br /> any public work contract for the city, require such person to pay in full all license <br /> fees or taxes due under this title from such person on account of such contract or <br /> otherwise, and may require such taxpayer to file with the Director a verified list of <br /> all subcontractors supplying labor and/or materials to the person in connection <br /> with said public work. <br /> 3.19.090 Underpayment of tax, interest, or penalty—Interest— <br /> Limitations. <br /> A. If, upon examination of any returns, or from other information obtained by <br /> the Director, it appears that a tax or penalty less than that properly due has been <br /> paid, the Director shall assess the additional amount found to be due and shall <br /> add thereto interest on the tax only. The Director shall notify the person by mail <br /> of the additional amount, which shall become due and shall be paid within thirty <br /> (30) days from the date of the notice, or within such time as the Director may <br /> provide in writing. <br /> B. 1. For tax liabilities arising after December 31, 1991, and until January 1, <br /> 2005, from the date of the liability to the date of payment, the rate of interest shall <br /> be variable and shall be an average of the federal short-term rate as defined in <br /> 26 U.S.C. Section 1274(d) plus two percentage points. The average will be <br /> computed as provided in RCW 82.32.050(2). <br /> 2. Interest imposed after the effective date of this ordinance shall be <br /> computed from the last day of the month following the end of the reporting period <br /> and will continue to accrue until payment is made. In case of an audit the interest <br /> shall be computed from the first day of the month following each calendar year or <br /> portion thereof included in the audit period. <br /> 3. For the purposes of this section, the rate of interest to be charged to the <br /> taxpayer shall be an average of the federal short-term rate as defined in 26 <br /> U.S.C. Sec. 1274(d) plus two percentage points. The rate shall be computed by <br /> taking an arithmetical average to the nearest percentage point of the federal <br /> short-term rate, compounded annually. That average shall be calculated using <br /> the rates from four months: January, April, and July of the calendar year <br /> immediately preceding the new year and October of the year of the previous <br /> preceding year. The rate shall be adjusted on the first day of January of each <br /> year for use in computing interest for that calendar year. <br /> 3.19.095 Time in which assessment may be made. <br /> The Director shall not assess, or correct an assessment for, additional taxes, <br /> penalties, or interest due more than four years after the close of the calendar <br /> year in which they were incurred, except the Director may issue an assessment: <br /> 6 <br />