IRS Releases Form 940 FUTA Return for 2017

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By Jazlyn Williams

The 2017 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, was released Nov. 22 by the Internal Revenue Service.

The form’s 2017 Schedule A, Multi-State Employer and Credit Reduction Information, also was released Nov. 22. The schedule, which is used to report additional tax owed because of federal unemployment tax credit reductions, reaffirmed the 2017 credit reduction percentages released Nov. 13 by the Labor Department.

Updated instructions for Form 940 were released Nov. 21.

The deadline for filing the 2017 Form 940 and its schedules is Jan. 31, 2018, which also is the deadline for paying remaining amounts of federal unemployment tax owed for 2017, including amounts due because of the FUTA credit reductions in effect for California and the U.S. Virgin Islands this year. Employers in those jurisdictions are required to pay as much as $147 in additional FUTA tax per employee for 2017.

Form 940 and its schedules may be filed electronically by employers through the Modernized e-File (MeF) system.

To contact the reporter on this story: Jazlyn Williams in Washington at jwilliams@bloombergtax.com. To contact the editor on this story: Michael Baer at mbaer@bloombergtax.com.

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