Mailing form 940
The Form 940!
The Form 940, also known as the Employer's Annual Federal Unemployment (FUTA) Tax Return, is an annual tax return filed by employers to report their federal unemployment taxes. Here's a brief overview:
Who needs to file:
- Employers who paid wages of $1,000 or more in a calendar year
- Employers who had one or more employees for at least one day during the calendar year
What's reported:
- Total wages paid to employees
- Total federal unemployment taxes withheld from employee wages
- Total federal unemployment taxes paid by the employer
- Any credits or refunds due to the employer
When to file:
- The Form 940 is due on January 31st of each year, reporting the previous calendar year's wages and taxes.
Where to file:
- The Form 940 can be filed online through the Electronic Federal Tax Payment System (EFTPS) or by mailing it to the IRS.
Penalties for non-filing:
- Failure to file the Form 940 on time can result in penalties and interest.
Tips and resources:
- The IRS provides a Form 940 instructions booklet and a Form 940 worksheet to help employers complete the form.
- Employers can also use tax preparation software or consult with a tax professional to ensure accurate and timely filing.
Remember, it's essential to keep accurate records of wages, taxes, and credits to ensure accurate reporting and minimize potential penalties.