(a) The taxes levied by this part, except as otherwise provided herein, shall be due and payable to the State Department of Revenue on or before the 20th day of the month next succeeding the month in which the tax accrues. On or before the 20th day of each month after the effective date of the taxes every person on whom the tax is levied by this part shall render to the Department of Revenue on a form prescribed by the department, a true and correct statement showing the gross proceeds of the business subject to the tax for the then preceding month, together with such other information as the Department of Revenue may demand and require; and at the time of making the monthly report the taxpayer shall compute and pay to the Department of Revenue the amount of taxes shown to be due; provided, however, that any person subject to the tax who conducts any business on a credit basis may defer reporting and paying the tax until after the person has received payment for the items, articles, or accommodations furnished; and in the event he or she so defers reporting and paying any such taxes he or she shall thereafter include in each monthly report all credit collections made during the then preceding month and shall pay the amount of taxes computed thereon at the time of filing the report.

(b) It shall be the duty of every person engaged or continuing in any business subject to the taxes levied by this part to keep and preserve suitable records of the gross proceeds of such business and such other books or accounts as may be necessary to determine the amount of tax for which he or she is liable under this part. The records shall be kept and preserved for a period of two years and shall be open for examination at any time by the State Department of Revenue or by any duly authorized agent, deputy, or employees of the department.

(c) Any person who fails to pay the tax levied by this part within the time required by this part shall pay in addition to the tax a penalty of 10 percent of the amount of tax due, together with interest thereon from the date on which the tax became due and payable at the rate due and payable on the state lodgings tax, such penalty and interest to be assessed and collected as a part of the tax; provided, however, that the State Department of Revenue, if good and sufficient reason be shown, may waive or remit the penalty or any portion thereof.