Form 940

Form 940

A form a company files with the IRS to pay unemployment insurance taxes on its employees. Many employers file this form annually, though some are required to do so more frequently. See also: Federal Unemployment Tax Act.
References in periodicals archive ?
If Forms 940 and 941 have been filed by Parent under Parent's historic EIN, and a Form 940 or 941 is now filed under the name New HoldCo using Parent's historic EIN, the IRS might reject the return because the name and EIN do not match the information in IRS records.
2012 Payroll Mate payroll processing software helps US businesses and payroll service bureaus comply with the latest Form 940 Instructions released by the IRS for 2012.
The survey also reports the average fees for preparing other Internal Revenue Service tax forms, including $236 for a Form 1040 Schedule C (profit or loss from business); $524 for a Form 1065 (partnership); $695 for a Form 1120 (corporation); $660 for a Form 1120S (S corporation); $396 for a Form 1041 (fiduciary); $566 for a Form 990 (tax exempt); and $61 for a Form 940 (Federal unemployment).
Finally, if a state permits or requires owner-level filings for SUTA/ SUI purposes, there will be significant challenges in reconciling the data filed on the Federal Form 940 with the data filed for the states.
Some members of the audience took exception to the fact that the IRS can suspend a practitioner from the e-file program for owing less than $100 to the IRS (on a Form 940, for example).
VSC did not file Form 941, Employer's Quarterly Federal Tax Return, or Form 940, Employer's Annual Federal Unemployment Tax Return, for any quarter during the periods at issue.
Beginning in 1995, the annual Form 940 will no longer be required for domestic employees.
But in recent years, the IRS has made updates to the federal Form 940 and states are in a much different position financially regarding unemployment benefits.
These forms include: Form 940 series, Employer's Annual Federal Unemployment (FUTA) Tax Return; Form 941 series, Employer's Quarterly Federal Tax Return; Form 943 series, Employer's Annual Federal Tax Return for Agricultural Employees; Form 944, Employer's Annual Federal Tax Return (an annualized version of Form 941); Form 945, Annual Return of Withheld Federal Income Tax; and Form CT-1, Employer's Annual Railroad Tax Return.
The Social Security and Medicare taxes are reported on the employer's Form 941, Employer's Quarterly Federal Tax Return; the FUTA tax is reported on the employer's Form 940, Employer's Annual Federal Unemployment (FUTA) Tax.