Form 940 PDF (2019) refers to the electronic version of the Internal Revenue Service (IRS) document known as Form 940 for the tax year 2019. This form is specifically designed for employers to report their annual Federal Unemployment Tax Act (FUTA) taxes. It provides the necessary information for the IRS to calculate and assess the appropriate unemployment tax liability of an employer.
Overview:
Form 940 PDF (2019), also known as the Employer’s Annual Federal Unemployment (FUTA) Tax Return, is mandated by the IRS for employers to report their FUTA taxes. FUTA taxes fund state workforce agencies and provide unemployment compensation to workers who have lost their jobs. By filing this form, employers ensure that they fulfill their tax obligations and facilitate the proper functioning of the nation’s unemployment insurance system.
Usage and Inclusions:
Form 940 PDF (2019) must be completed by all employers who meet the following criteria during the tax year:
- Paid wages of $1,500 or more to employees in any calendar quarter.
- Employed at least one worker for a portion of a day, in any 20 or more different weeks during the tax year.
The form consists of several sections that require detailed information related to the employer, employment tax liability, and the unemployment tax owed. These sections include:
- Employer Identification: Here, employers provide their name, address, and the Employer Identification Number (EIN) assigned by the IRS.
- Type of Employer: Employers indicate if their business is a governmental entity, a nonprofit organization, or a household employer.
- Tax Liability: Employers report the total FUTA wages paid to employees during the tax year and calculate the FUTA tax liability accordingly.
- Credits and Adjustments: This section is used to claim certain credits, adjustments, or exemptions that may reduce the employer’s FUTA tax.
- Payment and Signature: Employers must verify their declaration, sign the form, and include the date of signature.
Submission and Deadline:
Form 940 PDF (2019) is due annually by January 31st of the following year. However, if employers have deposited all FUTA tax when due, they have the option to file the Form 940 PDF (2019) by February 10th. The completed form should be mailed to the designated IRS address based on the employer’s location.
Benefits and Compliance:
By accurately completing and submitting Form 940 PDF (2019), employers ensure they remain in compliance with IRS guidelines. This form helps employers calculate their FUTA tax liability, report essential wage information, and claim any eligible credits or adjustments. Filing on time and adhering to the IRS requirements also prevents penalties, fines, or other unfavorable consequences.
Conclusion:
Form 940 PDF (2019) is a crucial document for employers to fulfill their FUTA tax obligations. It serves as a comprehensive tool for reporting essential wage information, calculating FUTA tax liability, and claiming eligible credits or adjustments. By filing this form accurately and on time, employers demonstrate their commitment to compliance with IRS regulations and contribute to the functioning of the unemployment insurance system.
