§ 54. Employer's return and payment of withheld taxes.--(a) General.--
Every employer required to deduct and withhold tax under this local law
shall, for each calendar month, on or before the fifteenth day of the
month following the close of such calendar month, file a withholding
return as prescribed by the administrator and pay over to the
administrator or to a depositary designated by the administrator, the
taxes so required to be deducted and withheld, except that for the month
of December in any year, the return shall be filed and the taxes paid on
or before January thirty-first of the succeeding year. Where the
aggregate amount required to be deducted and withheld by any employer
under this local law and under any local law imposing a tax on earnings
of nonresidents of the city adopted by the city pursuant to authority
granted by the general city law is less than twenty-five dollars in a
calendar month and the aggregate of such taxes for the semi-annual
period ending on June thirtieth and December thirty-first can reasonably
be expected to be less than one hundred fifty dollars, the administrator
may, by regulation, permit an employer to file a return on or before
July thirty-first for the semi-annual period ending on June thirtieth
and on or before January thirty-first for the semi-annual period ending
on December thirty-first. The administrator may, if he believes such
action necessary for the protection of the revenues, require any
employer to make a return and pay to him the tax deducted and withheld
at any time, or from time to time. Where the amount of wages paid by an
employer is not sufficient under this local law and under any local law
imposing a tax on earnings of nonresidents of the city adopted by the
city pursuant to authority granted by the general city law to require
the withholding of tax from the wages of any of his employees, the
administrator may, by regulation, permit such employer to file an annual
return on or before February twenty-eighth of the following calendar
year.

(b) Combined returns. The administrator may by regulation provide for
the filing of one return which shall include the return required to be
filed under this section, together with the employer's return required
to be filed under any local law imposing a tax on earnings of
nonresidents of the city adopted by the city pursuant to authority
granted by the general city law.

(c) Deposit in trust for city. Whenever any employer fails to collect,
truthfully account for, pay over the tax, or make returns of the tax as
required in this section, the administrator may serve a notice requiring
such employer to collect the taxes which become collectible after
service of such notice, to deposit such taxes in a bank approved by the
administrator, in a separate account, in trust for the city and payable
to the administrator, and to keep the amount of such tax in such account
until payment over to the administrator. Such notice shall remain in
effect until a notice of cancellation is served by the administrator.