Form 940 is a federal tax form issued by the Internal Revenue Service (IRS) in the United States. It is used to report the employer’s annual Federal Unemployment Tax Act (FUTA) liability. This liability helps fund unemployment compensation for workers who have lost their jobs. The 2017 Form 940 PDF refers specifically to the electronic version of the Form 940 for the year 2017 which is available in Portable Document Format (PDF) for ease of use and accessibility.
Purpose:
The primary purpose of the 2017 Form 940 PDF is to gather necessary information from employers about their FUTA liability. This information is essential for calculating and determining the amount of federal unemployment tax owed by the employer. The form also helps ensure that the unemployment compensation program remains well-funded and supports unemployed workers.
Information Required:
When completing the 2017 Form 940 PDF, employers are required to provide various information including:
- Employer Identification Number (EIN): This unique nine-digit number is assigned to each employer by the IRS for tax administration purposes.
- Business Name and Address: The legal name and physical address of the employer’s business.
- Employment Details: This section requires employers to report the number of employees and their compensation during the tax year.
- Taxable Wages: Employers must report the total wages paid subject to FUTA tax.
- Credits: Certain credits may be available to employers to reduce their FUTA tax liability. The form includes sections to claim these credits appropriately.
- Federal Tax Deposits: Information regarding the federal tax deposits made by the employer throughout the year must be provided.
Filing and Due Dates:
The 2017 Form 940 PDF should be filed by the employer annually. The due date for filing this form is typically January 31st of the year following the tax year. However, if the employer has deposited all the FUTA tax due for the year by the statutory due date, they may be eligible for an extension of time to file the form until February 10th.
Importance and Implications:
Filing the 2017 Form 940 PDF accurately and on time is crucial for employers to fulfill their tax obligations and avoid penalties. The information provided on this form is used to determine the amount of FUTA tax owed by the employer. Additionally, it helps the IRS in administering the unemployment compensation program effectively.
Accessing the 2017 Form 940 PDF:
The IRS provides the 2017 Form 940 PDF on their official website, www.irs.gov. Employers can download, print, and fill out the form manually, or they may utilize electronic tax preparation software or professional accounting services that may offer the convenience of pre-filled forms and e-filing options.
Conclusion:
The 2017 Form 940 PDF is an essential federal tax form utilized by employers in the United States to report their annual FUTA liability. By accurately completing and timely filing this form, employers fulfill their obligations under the Federal Unemployment Tax Act, contribute to the unemployment compensation fund, and support workers who have lost their jobs. Understanding the purpose, information required, filing dates, and implications of the 2017 Form 940 PDF is crucial for employers to maintain compliance with the tax laws governing unemployment compensation.
