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To begin filing Form 940, you will need to have your basic business information on hand. This includes information such as your business name, legal address, and Employer Identification Number (EIN).
To complete Form 940, you will need to sign the return using a 94x online signature PIN or Form 8453-EMP.
After completing all of the necessary fields on Form 940, you should review your form for any errors or missing information before transmitting it to the IRS. Once the form is transmitted you can download or email it from the dashboard.
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Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return. Form 940 is used to report Federal Unemployment Tax Acts (FUTA) taxes to the IRS.
For the 2024 tax year, the credit reduction rate for California, Connecticut, Illinois, and New York is 0.6% and for the U.S. Virgin Islands is 3.9%.
Employers that paid $1500 or more to employees during any quarter of the current or prior tax year are required to file Form 940. Also, employers that hired employees for 20 weeks of the tax year, including full-time, part-time, or seasonal/temporary employment must file Form 940.
The deadline to file Form 940 with the IRS for the 2024 tax year is January 31, 2025. If your FUTA taxes are deposited, then it can be filed by February 10, 2024.
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