You may have heard of the Form 940 Amendment and wondered what is its purpose, when should it be filed, or do I need to file this for my business?
In this blog, we will be answering all of those questions and more when it comes to this form.
Background on Form 940
Before we get into the Form 940 Amendment, let’s take a moment to review the Form 940 and its purpose. Form 940 is the Employer’s Annual Federal Unemployment Tax Return.
Employers that are required to pay Federal Unemployment (FUTA) taxes are required to report these payments on Form 940. This form is filed annually with the IRS. These taxes specifically apply to the first $7,000 of wages that are paid to the employee.