Who needs it?
Employers that answer yes to either one of these questions, must file Form 940
- Did you pay wages of $1,500 or more to employees in any calendar quarter during previous tax year or prior tax year?
- Did you employ one or more employees (for any portion of a day) for 20 or more different weeks in previous tax year or 20 or more different weeks in prior tax year? (Count all full-time, part-time, and temporary employees. If your business is a partnership, do not count its partners.)
When to File it
Paper filers and e-filers must report form 940 to the IRS by
FUTA taxes must be paid quarterly by the last day of the month following the end of a calendar quarter.
Electronically filed 940 forms are directly transmitted to the IRS from the Tax1099.com system.