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day of the month following the close of the fiscal year;provided that the County Finance Director or designee is satisfied that the grant of the permit will not unduly jeopardize the collection of the taxes due thereon and the taxpayer's total tax liability for the calendar or fiscal year under this Article will not exceed four thousand dollars ($4,000.00); or (2) On a semiannual basis during the calendar or fiscal year, the return and payment to be made by or before the twentieth day of the calendar month after the close of each six-month period, to wit: for calendar year taxpayers, on July 20 and January 20 or, for fiscal year taxpayers, on or before the twentieth day of the seventh month following the beginning of the fiscal year and on or before the twentieth day of the month following the close of the fiscal year; provided that the County Finance Director or designee is satisfied that the grant of the permit will not unduly jeopardize the collection of the taxes due thereon and the taxpayer's total tax liability for the calendar or fiscal year under this Article will not exceed two thousand dollars ($2,000.00). The County Finance Director or designee, for good cause, may permit a taxpayer to make monthly payments based on the taxpayer's estimated quarterly or semiannual liability; provided that the taxpayer files a reconciliation return at the end of each quarter or at the end of each six-month period during the calendar or fiscal year, as provided in this section. (c) If a taxpayer filing the taxpayer's return on a quarterly or semiannual basis, as provided in this section, becomes delinquent in either the filing of the taxpayer's return or the payment of the taxes due thereon, or if the liability of a taxpayer, who possesses a permit to file the taxpayer's return and to make payments on a semiannual basis exceeds two thousand dollars ($2,000.00) in transient accommodations taxes during the calendar year or exceeds four thousand dollars ($4,000.00) in transient accommodations taxes during the calendar year if making payments on a quarterly basis, or if the County Finance Director or designee determines that any such quarterly or semiannual filing of return would unduly jeopardize the proper administration of this Article, including the assessment or collection of the transient accommodations tax, the County Finance Director or designee, at any time, may revoke a taxpayer's permit, in which case the taxpayer shall then be required to file the taxpayer's return and make payments thereon as provided in subsection (a). Sec. 5-4.7 Annual Return. On or before the twentieth day of the fourth month following the close of the taxable year, every person who has become liable for the payment of the taxes under this Article during the preceding tax year shall file with the State Director of Taxation a return as set forth under Section 237D-7, Hawaii Revised Statutes, and a remittance covering the residue of the tax due, if any, as prescribed by the County Finance Director. Sec. 5-4.8 Federal assessments; adjustments of gross rental, gross rental proceeds, or fair market rental value; report to the County Finance 3