Last updated on Apr 5, 2016
Get the free Form 940 2015 Employer's Annual Federal Unemployment Tax Return
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What is Form 940 2015
The Form 940 2015 is a federal tax document used by employers to report annual Federal Unemployment Tax Act (FUTA) taxes.
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Comprehensive Guide to Form 940 2015
What is Form Employer's Annual Federal Unemployment Tax Return?
Form 940, specifically the 2015 version, serves as a crucial document for employers under U.S. tax regulations. Its primary function is to report liabilities under the Federal Unemployment Tax Act (FUTA). This IRS Form 940 holds significant importance for employers, as it provides a means to ensure compliance and accurately report unemployment tax responsibilities.
Purpose and Benefits of Form for Employers
Form 940 plays a vital role in helping employers report unemployment taxes accurately. By utilizing the federal unemployment tax return, employers can gain various benefits, including:
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Reducing the risk of penalties associated with non-compliance.
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Improving clarity around tax calculations.
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Facilitating easier management of tax obligations.
Who Needs to File Form 940 for 2015?
The necessity to file Form 940 primarily hinges on the employer's employee count and total wages. Generally, employers with a certain number of employees making more than a specific wage threshold are mandated to submit this form. However, there are exceptions; certain organizations and small businesses may be exempt from this requirement. Understanding the eligibility criteria for Form 940 is imperative for accurate compliance.
Key Features of Form
Form 940 encompasses several essential components that employers need to be aware of, including:
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Total wages paid to employees.
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Credit for state unemployment taxes.
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Signature requirements from both the employer's controller and the paid preparer.
Fulfilling these requirements is necessary to ensure proper filing and compliance with federal regulations.
How to Fill Out Form Online: Step-by-Step Guide
Completing Form 940 online can be streamlined with a structured approach. To start, gather the following required documents:
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Employee wage records.
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State unemployment tax records.
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Previous tax return documents.
Follow these steps to fill out the form using a PDF editor:
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Access the PDF editor and select the option to fill out Form 940.
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Input the required information accurately in each section.
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Review the completed form for any errors.
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Save and prepare the form for submission.
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Submit the form through the desired method.
Common Mistakes and How to Avoid Errors on Form
Many employers encounter specific errors while completing Form 940, which can lead to negative implications. Frequent mistakes include:
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Incorrect total wages reported.
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Omitting necessary signatures.
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Failing to claim state unemployment credits properly.
To avoid such errors, validate your completed form with a review and validation checklist before submission.
Submission Methods and Deadlines for Form
Employers have various options for submitting Form 940, including online filing and postal mail. Timeliness is critical, as there are specific deadlines for submission:
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The form is typically due by January 31st of the following year.
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Late submissions may incur additional fees.
Understanding these submission methods and deadlines ensures compliance and minimizes potential penalties.
What Happens After Submitting Form?
After submitting Form 940, employers should expect a processing timeline from the IRS. It's essential to track your submission status and confirm receipt to avoid complications:
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Check for confirmation of submission from the IRS.
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Monitor your tax account for updates.
Employers should stay vigilant about any correspondences from the IRS regarding their submissions.
How pdfFiller Simplifies Completing Form
pdfFiller streamlines the process of completing Form 940 with features that enhance usability. Key advantages include:
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Editing and filling capabilities for ease of use.
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eSigning functionalities that comply with digital signature requirements.
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Robust security features to protect sensitive information during filing.
Example of a Completed Form
For clarity, a sample of a filled-out Form 940 can serve as a useful visual guide. This example illustrates:
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Each section's relevance based on actual data.
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The correct way to present total wages and tax credits.
Referencing a completed form may assist employers in navigating their reporting accurately.
How to fill out the Form 940 2015
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1.To begin, access pdfFiller and log in or create a new account if you don't have one.
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2.In the search bar, type 'Form 940 2015' and select the correct form from the results.
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3.Open the form to access the filling interface, where you'll see sections to fill in the necessary information.
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4.Before starting, gather all required data such as wages paid, exemptions, and past FUTA tax calculations to ensure accuracy.
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5.Proceed to fill in each field sequentially. Use pdfFiller’s tools to help navigate; click each section to enter data comfortably.
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6.Review the completed information for accuracy. Look for any missing sections or potential errors from the input data.
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7.Once you have finalized the form, utilize pdfFiller's options to save your progress continuously, allowing edits as you go.
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8.When satisfied with the filled form, download it in your preferred format or submit it directly to the IRS using pdfFiller's submission tools.
Who is eligible to file Form 940?
Any employer who pays wages of $1,500 or more in any calendar quarter, or employs at least one individual for 20 weeks, is required to file Form 940.
What is the deadline for submitting Form 940?
Form 940 is due annually on January 31. However, if you are making timely deposits, you have until February 10 to file.
What are the submission methods for Form 940?
You can submit Form 940 electronically through IRS e-file services, or by mailing a paper form to the IRS at the address specified in the form instructions.
What supporting documents are needed for Form 940?
Gather payroll records, previously filed tax forms, and any documents related to taxes withheld or paid, as these help complete Form 940 accurately.
What common mistakes should I avoid when filing Form 940?
Ensure all calculations are accurate, double-check that signatures are present, and make sure to file by the deadline to avoid penalties.
How long does it take to process Form 940?
Processing times vary, but typically allow 2-6 weeks after submission. E-filing may expedite the process compared to mailing a paper form.
Are there any fees associated with filing Form 940?
There are no fees to file Form 940 with the IRS, but ensure any taxes owed are paid to avoid penalties or interest.
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