(a) Returns. The
returns required under this Chapter shall be made upon forms prescribed
or approved by the Tax Collector, and shall be considered filed only
when the accuracy of the return has been attested to, by signature
upon the form, by an authorized agent of the taxpayer, and when such
form has been received by the Tax Collector.
(b) Payment. If
payment is made in any form other than United States legal tender,
the tax obligation shall not be satisfied until the payment has been
honored in funds.
(c) Requirement
of Security. If a taxpayer has remitted payment in the form of a check
or other form of draw upon a bank or third party and such remittance
has not been honored in funds, the Tax Collector may demand security
for future payments.
(d) Method of
Reporting. Each taxpayer shall elect to report on either a cash receipts
basis or an accrual basis and shall indicate the choice on the Privilege
License application. A taxpayer shall not change his reporting method
without receiving prior written approval by the Tax Collector.
(1) Taxpayers
must report all gross income subject to the tax using the same basis
of reporting.
(2) Taxes imposed
upon construction contracting shall be reported as follows:
(A) Construction
contractors shall report on either a progressive billing ("accrual")
basis or cash receipts basis.
(B) Speculative
builders shall report the gross income derived from sale of improved
real property at close of escrow or at transfer of title or possession,
whichever occurs earlier.
(C) Owner-builders
who are not speculative builders shall report taxable amounts
as provided in Section ___-417.
