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Course Details

IRS Form 940 Update: Employer's Annual Federal Unemployment (FUTA) Tax Return

Webinar: ID# 1023049
Recorded CD
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About This Course:
Many payroll departments struggle with correctly completing Form 940. It is often difficult to correctly complete the form when an employer begins to have employees in multiple states. They often do not know how to complete Form 940 when there has been a change in ownership of an employing entity or what to do if an employing unit is converted to a disregarded entity. Payroll departments often file incorrect Forms 940 which can result in penalties and interest assessments.

This webinar helps the people responsible for payroll tax filings to collect the pertinent information to complete a correct Form 940, whether the employer has begun to do business in additional states or has taken steps to aggregate employment tax reporting.

This course will explain reporting for 2016 in the event there are states which will not be eligible for a full credit against the tax, in the case of aggregate filing of employment tax returns as well as how to address filing issues when an employer is acquired or undergoes a merger.

Failing to properly complete and file Form 940 may result in disallowance of state credits and additional tax, penalties and interest. This information will help payroll departments avoid penalties and time consuming responses to follow up questions from the IRS.

Agenda

What Is the Purpose of Form 940?
  • Federal Unemployment Tax Act
  • State Unemployment Tax Credit
  • Tax Rate and Wage Base
Who Must File Form 940?
  • Wages Paid to Employees
  • Household Employees
  • Agricultural Employees
  • Tax Exempt Organizations
How to Complete Form 940
  • Change of Name
  • Disregarded Entities
  • Payment Instructions
  • Timing of Payments
Other Form 940 Considerations
  • Schedule A, Multistate Employer and Credit Reduction
  • Schedule R, Allocation Schedule for Aggregate Filers
  • Acquiring or Merging Employers
  • How to Request State Certification to Claim a Credit
About The Presenter

Mary H. Angelbeck
  • Retired Member of Ernst & Young’s National Employment Tax/Information Reporting Group
  • Enrolled agent with the IRS
  • More than 30 years of experience in the field of taxation, both as a state administrator and as a consultant
  • Practice included managing large payroll restructuring projects; payroll tax advisory services related to mergers and acquisitions; providing year-end federal, multistate, and local payroll tax advisory services; payroll related federal, state and local tax controversy and federal as well as state and local information reporting (1099 and 1042-S) issues
  • Speaker local chapters of the American Payroll Association, the New York University Annual Institute on State and Local Taxation, the Federation of Tax Administrators, the Tax Executives Institute, the Counsel on State Taxation, The American Bar Association, the Pennsylvania Institute of CPAs and The Lorman Group
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IRS Form 940 Update: Employer's Annual Federal Unemployment (FUTA) Tax Return
Available on CD format
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Course Details
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