January 31st is here and that means the deadline for transmitting your IRS Form 940, 941, 94x and if necessary, Form 8453-EMP has arrived!
But don’t fear! Deadlines are for personal challenges! And our sister-product TaxBandits is prepared to keep you compliant, quickly, easily and with the lowest price!
What is Federal FUTA Tax Form 940?
Form 940 is the employer’s Annual Federal Unemployment (FUTA) Tax return. The FUTA tax generates funds for paying unemployment compensation to those who have lost their jobs. Employers are solely responsible for paying the FUTA tax.
Employers are required to pay 6% against the first $7000 each employee earns, if state unemployment taxes (SUTA) are paid on-time, the FUTA tax is reduced to 0.6 percent.
What Information is Required to E–File Form 940?
Business Name, EIN, and Address
Total payments to all employees
Adjustments for state exclusions
Balance Due or Overpayment
FUTA liability deposits
What are the penalties for not filing Form 940 on time?
Not filing Form 940 prior to the deadline can result in penalties of up to 5% of the tax owed. This amount will continue to accrue on a monthly basis to cover the amount owed in full. The IRS will also penalize for any late payments or not paying the full amount owed.
E-file quickly and easily with TaxBandits and take advantage of accurate and error-free filing with instant IRS approval. If you don’t have an Online Signature PIN, e-sign your 940 by submitting Form 8453-EMP through TaxBandits.
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