(1) If the licensee fails to file any return required by this part within the time required, the department may, at any time, audit the licensee or estimate the taxes due from any information in its possession and, based on the audit or estimate, assess the licensee for the taxes, penalties, and interest due the state.
(2) The department shall impose a penalty and interest as provided in 15-1-216. The department shall mail to the licensee a notice, pursuant to 15-1-211, of the tax, penalty, and interest proposed to be assessed. The notice must contain a statement that if payment is not made a warrant for distraint may be filed. The licensee may seek review of the determination pursuant to 15-1-211. The department may waive any penalty pursuant to 15-1-206.