Anchorage |
Code of Ordinances |
Title 12. TAXATION |
Chapter 12.45. RENTAL TAX ON RENTAL OF MOTOR VEHICLES |
§ 12.45.053. Fiduciary duties.
A.
The fiduciary duties include at a minimum:
1.
Determining, implementing, and enforcing sufficient and relevant policies and practices to ensure proper performance of fiduciary duties;
2.
Charging, collecting, and safeguarding all taxes required by this chapter to be collected by the rental agency;
3.
Directing and reviewing the actions of each member, officer, director, employee, and contractor employed or used by the rental agency in the exercise of the fiduciary duties under this chapter;
4.
Performing all acts, not prohibited by this chapter, whether or not expressly authorized, that a reasonable and prudent person would consider necessary or proper in administering and safeguarding the taxes collected under this chapter; and
5.
Maintaining accounting records associated with taxes collected under this chapter in accordance with generally accepted accounting principles.
B.
The fiduciary is liable for a breach of a duty that is assigned or delegated. However, the fiduciary is not liable for a breach of a duty that has been delegated to another person if the duty is assigned by law to another person, except to the extent that the fiduciary or designee:
1.
Knowingly participates in, or knowingly undertakes to conceal, an act or omission of another person knowing that the act or omission is a breach of that person's duties under this chapter; or
2.
By failure to comply with this section in the administration of specific responsibilities, enables another person to commit a breach of duty.
C.
Funds held in a fiduciary capacity shall be clearly identified in a rental agency's financial statement and, if maintained in an account at a financial institution the account shall be clearly identified as a fiduciary account.
( AO No. 2015-48, § 5, 5-14-15 )