IRS form 940 is used to report federal unemployment tax returns. Let’s know 940 filing requirements, deadlines, and how to eFile using the #1 digital reporting platform Tax1099.
Who Must File Form 940
Most employers pay a federal and a state unemployment tax. There are three ways to determine if you need to pay Federal Unemployment Tax Act (FUTA): a general test, household employee test, farmworker employee test.
The general test requires you to pay FUTA tax on the wages you pay employees who aren’t household or agriculture and file 940. If you paid $1,500 or more in wages to employees or had employees for at least 20 weeks in the year, you must file a 940.
940 Deadlines For 2020
Paper filers and eFilers must file 940 to the IRS by January 31, 2020 however, if you deposited all your FUTA tax when it was due, you may file 940 by February 10. FUTA taxes must be paid quarterly by the last day of the month following the end of a calendar quarter.
- Recipient copy > January 31
- IRS eFile > January 31
- IRS eFile (If taxes are already paid) > February 10
- IRS paper filing > February 28
If a due date falls on a weekend or holiday, it will be due the next business day.