Form 940

What is the Form 940

The 2019 Form 940, also known as the Employer's Annual Federal Unemployment (FUTA) Tax Return, is a tax form used by employers in the United States to report and pay federal unemployment taxes. This form is essential for businesses that pay wages to employees, as it helps ensure compliance with federal regulations regarding unemployment insurance. The FUTA tax is used to fund unemployment benefits for workers who lose their jobs, making this form a critical component of the U.S. employment system.

Steps to complete the Form 940

Filling out the 2019 Form 940 involves several key steps to ensure accurate reporting and compliance. Begin by gathering necessary information, including total wages paid to employees and any state unemployment taxes paid. Next, follow these steps:

• Enter your business information, including the employer identification number (EIN).
• Report total wages subject to FUTA tax in the appropriate section.
• Calculate the FUTA tax owed, applying the correct tax rate to the reported wages.
• Account for any adjustments, such as credits for state unemployment taxes.
• Sign and date the form before submission.

How to obtain the Form 940

The 2019 Form 940 can be easily obtained from the Internal Revenue Service (IRS) website. It is available in PDF format, allowing for easy printing and completion. Additionally, many tax software programs include the form, enabling electronic filing. Employers should ensure they have the correct version for the tax year to avoid any compliance issues.

Legal use of the Form 940

The legal use of the 2019 Form 940 is governed by federal tax laws, which require employers to file this form annually if they meet certain criteria. These criteria include having paid wages of $1,500 or more in any calendar quarter or having at least one employee for any day in the week during twenty different weeks in the current or preceding calendar year. Proper completion and timely submission of the form are necessary to avoid penalties and ensure compliance with federal regulations.

Filing Deadlines / Important Dates

For the 2019 Form 940, the filing deadline is typically January 31 of the following year. However, if you deposited all FUTA tax when due, you may file by February 10. Employers should mark these dates on their calendars to ensure timely submission, as late filings can result in penalties and interest on unpaid taxes.

Form Submission Methods (Online / Mail / In-Person)

The 2019 Form 940 can be submitted through various methods. Employers have the option to file electronically using IRS e-file services, which can streamline the process and reduce errors. Alternatively, the form can be mailed to the appropriate IRS address, which is specified in the form instructions. In-person submissions are generally not accepted for this form, making electronic or mail submissions the preferred methods.