A. The clerk shall provide appropriate forms for the use of taxpayers in making returns of the taxes payable under this chapter. Subject to subsection (D) of this section, every person, firm or corporation making such sales, renting property or supplying such services as are taxable within the borough shall, on or before the tenth day of the month following the end of the calendar month which follows the calendar month for which the return is made, complete a return for the preceding month setting forth the total amount for such preceding month of all sales, rentals, and services regardless of whether such transactions are taxable or nontaxable, the amount of tax due, and such other information as the borough may require and sign and deliver or mail the same to the clerk. A seller other than a governmental agency making only exempt sales shall file for the preceding calendar year or such other fiscal year as the clerk may authorize. Such returns must be delivered or mailed by the last day of the month following the last day of the year for which the request is made.

B. Subject to subsection (C) of this section, the tax levied under this chapter, whether or not collected from the buyer, must be remitted by the seller to the borough at the time of transmitting the return, and if not so remitted or if the return is not filed in a timely manner, such tax is delinquent. The postmark shall determine the date of filing mailed returns. In addition, a late payment penalty of 10 percent for the first month or any fraction thereof, and an additional five percent per month accrued, until a total late payment penalty of 25 percent has accrued shall be added to all returns until such tax, penalty, and interest thereon have been paid. Such penalty shall be assessed and collected in the same manner as the tax is assessed and collected. In addition to these penalties, interest at a rate of 15 percent per year on the delinquent tax, from the date of delinquency until paid, shall accrue and be collected in the same manner the delinquent tax is collected.

C. The seller shall report and remit sales tax to the borough on the same basis, cash or accrual, the seller uses for reporting federal income tax. A seller reporting on the accrual basis shall be allowed a tax credit for sales previously paid by the seller on any sale, service or rental made on credit to the extent the seller declares such debt to be uncollectible and a bad debt for federal income tax purposes. Such bad debt must be claimed on a timely filed sales tax return within two years from the date of sale in which the bad debt arose.

D. Businesses with taxable gross monthly receipts of $3,000 or less may file and pay sales tax quarterly, provided notice is given the borough that this option is being exercised prior to an account’s delinquency under subsection (B) of this section.