Who needs to file the 940 form?

Any employer that has paid $1,500 or more in wages in any quarter or had one or more employees for part of a day in 20+ weeks during the year must file the 940 form. Even if a business doesn't owe the FUTA tax, which helps fund unemployment compensation programs, it may still need to file the form if it meets the wage or employee thresholds. Some agricultural and household employers may have different filing requirements.

What is the deadline to submit the 940 form?

The 940 form is due by January 31 of the year following the tax year. For example, businesses must report wages earned in 2024 by January 31, 2025. If January 31 falls on a holiday or weekend, the due date is the next business day. Late filings can result in penalties and interest charges from the IRS. The deadline coincides with other year-end tax forms that employers must prepare and distribute to employees and government agencies. Exceptions can be made for extending the deadline past January 31st.

How can a company file the 940 form?

A company can file the 940 form electronically through the IRS e-file system or by mailing a paper form to the IRS processing center. Electronic filing is an available method through most tax software and payroll service providers and is accepted by federal agencies for submitting required forms. If filing by mail, businesses must use the correct mailing address and include a payment with the return.