(1) The department may demand that an employer file a MW3 annual reconciliation report and submit payment within 30 days after ceasing activity. "Ceasing activity" includes, but is not limited to:

(a) quits doing business;

(b) sells or transfers the business, or the major portion of the business assets; or

(c) becomes insolvent.

(2) If the report and payment are not received within 30 days, the accrued taxes are subject to penalty and interest as provided in 15-1-216 , MCA.