City of Powell Income Tax Code - The City of Powell

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any tax, penalties, or interest due as required herein), shall be personally liablefor failure to do so. The dissolution, bankruptcy or reorganization of any suchemployer does not discharge an officer's or employee's liability for a priorfailure of such business to make the return and/or or pay taxes, penalties, orinterest due.181.06 AMENDED RETURN AND REFUNDS FOR OVERPAYMENT(a)(b)Where an amended return must be filed in order to report additional incomeand pay an additional tax due, or claim a refund of tax overpaid, subject to therequirements and/or limitations contained in Section 181.05. Such amendedreturn shall on a form obtainable on request from the Finance Director. Ataxpayer may not change the method of accounting (i.e., cash or accrual) orapportionment of net profits after the date for filing the original return.Within three months from the final determination of any federal tax liabilityaffecting the taxpayer’s Municipal tax liability, such taxpayer shall make and filean amended Municipal return showing income subject to the Municipal taxbased upon such final determination of federal tax liability, and pay any additiontax shown due thereon or make a claim for refund of any overpayment.181.07 COLLECTION AT SOURCE(a)(b)(c)Each employer within or doing business within the City shall deduct at the timeof payment of such income the tax of three-fourths of one percent (.75%) of theincome due by the employer or to the employee and shall make a returnshowing the amount of taxes so deducted and a record of payments showingthat all taxes deducted during the quarter have been paid to the City inaccordance with the payment schedule prescribed by subsection (c) hereof.Such employer shall be liable for the payment of the tax required to bededucted and withheld, whether or not such taxes have in fact been withheld.Every employer or officer of a corporation is deemed to be a trustee for this Cityin collecting and holding the tax required under this chapter to be withheld andthe funds so collected by such withholding are deemed to be trust funds.Employers shall pay to the City all income taxes withheld or required to bewithheld on either a semimonthly, monthly or quarterly basis depending on theamount of taxes involved according to the following payment schedule:1. Semimonthly payments of the taxes required to be withheld are to bemade by an employer if:A. The total taxes required to be withheld in the prior calendar yearwere twelve thousand dollars ($12,000) or more and the employerwas required to withhold for each month of the calendar year, orB. If the employer was not required to withhold for each month of theprevious calendar year, the amount of taxes required to be12
withheld for the final quarter was three thousand dollars ($13,000)or more.C. Such payment shall be paid to the City within five banking daysafter the fifteenth and the last day of the month.2. Monthly payment of taxes withheld shall be made by an employer if thetaxes withheld were less than the amounts specified in (c)(1)A and Babove, but equaled or exceeded one thousand two hundred dollars($1,200) in accordance with the other provisions of (c)(1)A, or equaled orexceeded three hundred dollars ($300) in accordance with the otherprovisions of (c)(1)B. Such monthly payments shall be made to the Citywithin fifteen days after the close of each calendar month.(d)(e)(f)(g)All employers not required to make semimonthly or monthly payments of taxeswithheld under subsection (c) hereof shall make quarterly payments no laterthan the last day of the month following the end of each quarter.Each employer, on or before February 28, unless a written request for a thirtydays extension, is made to and granted by the Finance Director following anycalendar year in which such deduction have been made, or should have beenmade by an employer, shall file with the Finance Director an information returnfor each employee from who income tax has been or should have beenwithheld showing the name and address of the employee, the total amount ofincome paid the employee during the year and the amount of the Municipalincome tax withheld from each employee.Where a resident of the City performs services for the employer in anothermunicipality, which services are subject to withholding in the other municipality,the employer shall have the authority to reduce the withholding to the City tothe extent of the tax liability in the other municipality.The officer or the employee having control or supervision of withholding the tax,filing the report, and/or making payment is personally liable for failure to file thereport or pay the tax due as required by this section. The dissolution of acorporation does not discharge an officer’s or employee’s liability for a priorfailure of the corporation to file returns or pay tax due.181.08 DECLARATIONS(a)Every person who anticipates any taxable income which is not subject toSection 181.07 and/or from which tax will not be fully withheld, or who engagesin any business, profession, enterprise or activity subject to the tax imposed bySection 181.04, shall file a declaration setting forth such estimated profit or lossfrom such business activity together with the estimated tax due thereon, if any;provided, however, if a person’s income is wholly from income from which thetax will be withheld and remitted to the City in accordance with Section 181.07,such person need not file a declaration.13
Page 2 and 3: profit, having a place of business
Page 4 and 5: (bb)(cc)(dd)“TAXABLE INCOME” me
Page 6 and 7: E. On the net profits of all reside
Page 8 and 9: 2. Wages, salaries and other compen
Page 10: (c)The taxpayer shall file the retu
Page 15 and 16: 4. Compliance with sections (h)2 an
Page 17 and 18: (b)(c)(d)The Finance Director is au
Page 19 and 20: 4. A penalty shall not be assessed
Page 21 and 22: After such approval, such rules, re

City of Powell Income Tax Code - The City of Powell

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