Instructions for IRS Form 940 Employer's Annual Federal Unemployment (Futa) Tax Return

IRS Form 940 Schedule A Multi-State Employer and Credit Reduction Information

This document contains official instructions for IRS Form 940 , Employer's Annual Federal Unemployment (Futa) Tax Return - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 940 Schedule A is available for download through this link.

FAQ

Q: What is IRS Form 940?
A: IRS Form 940 is the Employer's Annual Federal Unemployment (FUTA) Tax Return.

Q: Who needs to file IRS Form 940?
A: Employers who paid wages of $1,500 or more to employees during any calendar quarter in the previous year, or had one or more employees for at least 20 weeks in the previous year.

Q: What is FUTA tax?
A: FUTA tax is the federal unemployment tax employers are required to pay to the IRS.

Q: What is the purpose of IRS Form 940?
A: IRS Form 940 is used to report and pay FUTA tax.

Q: When is IRS Form 940 due?
A: IRS Form 940 is due on January 31st of the following year.

Q: What are the penalties for late filing or payment of IRS Form 940?
A: Penalties may apply for late filing or payment of IRS Form 940. It is important to file and pay on time to avoid penalties.

Q: Are there any exceptions or exemptions to filing IRS Form 940?
A: There may be exceptions or exemptions for certain types of employers. It is recommended to consult the IRS guidelines or a tax professional for specific information.

Q: What information do I need to complete IRS Form 940?
A: You will need information about your company, employee wages, and any FUTA tax already paid during the year.

Q: Can IRS Form 940 be filed electronically?
A: Yes, IRS Form 940 can be filed electronically through the IRS e-file system.

Q: What if I made a mistake on IRS Form 940?
A: If you made a mistake on IRS Form 940, you can file an amended return using IRS Form 940-X.