IRS 940 - Schedule A 2016 free printable template

Schedule A (Form 940) for 2016: 860312 Multi-State Employer and Credit Reduction Information OMB No. 1545-0028 Department of the Treasury Internal Revenue Service See the instructions on page 2. File

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How to fill out IRS 940 - Schedule A

Instructions and Help about IRS 940 - Schedule A

How to edit IRS 940 - Schedule A

To edit the IRS 940 - Schedule A form, you can use editing tools provided by pdfFiller. Simply upload your form to the platform, and use the editing features to fill in necessary information, correct errors, or make any other changes required. Once edited, the form can be saved and printed or submitted electronically.

How to fill out IRS 940 - Schedule A

Filling out the IRS 940 - Schedule A form requires specific information from your records. Follow these steps to ensure accurate completion:

1. Gather your payroll records and calculate total annual wages paid to your employees.
2. Provide the details of the federal unemployment tax (FUTA) that you have already paid.
3. Complete the relevant sections concerning any adjustments or credits that apply to your situation.

After filling out all necessary fields, review the form for errors and ensure that all calculations are accurate before submission.

About IRS 940 - Schedule A 2016 previous version

What is IRS 940 - Schedule A?

What is the purpose of this form?

Who needs the form?

When am I exempt from filling out this form?

Components of the form

What are the penalties for not issuing the form?

What information do you need when you file the form?

Is the form accompanied by other forms?

Where do I send the form?

About IRS 940 - Schedule A 2016 previous version

What is IRS 940 - Schedule A?

IRS 940 - Schedule A is a supplemental form used by employers to report adjustments to their FUTA tax liability for the calendar year. This form allows businesses to provide information regarding any credits or adjustments directly affecting their federal unemployment tax calculations.

What is the purpose of this form?

The primary purpose of IRS 940 - Schedule A is to report any reductions to the FUTA tax based on state unemployment tax credit claims. Employers utilize this form to communicate their eligibility for these credits to ensure compliance with federal tax regulations. Accurate reporting is crucial for avoiding penalties and ensuring correct tax liabilities.

Who needs the form?

Any employer who is liable for federal unemployment tax and wants to claim a credit for state unemployment taxes must complete IRS 940 - Schedule A. This includes businesses that pay wages subject to FUTA and have made state unemployment tax payments that exceed $100 during the year.

When am I exempt from filling out this form?

Employers may be exempt from filling out IRS 940 - Schedule A if they have not made sufficient federal unemployment tax payments or if they are not claiming any state unemployment tax credits. Additionally, employers with a total annual FUTA tax liability of less than $500 do not need to file this form.

Components of the form

IRS 940 - Schedule A includes several key components, such as sections for reporting adjustments to taxes due, credits claimed, and total FUTA tax calculated. The form requires specific financial data, including wages, state tax amounts, and any necessary identification information. Accurate reporting ensures that employers meet tax compliance requirements.

What are the penalties for not issuing the form?

Failing to submit IRS 940 - Schedule A when required may result in penalties from the IRS. These penalties can include fines for late submission, along with interest accruing on unpaid tax amounts. Consistent failure to file may also trigger audits or further enforcement actions by the IRS.

What information do you need when you file the form?

When filing IRS 940 - Schedule A, you need accurate records of wages paid to employees, total FUTA taxes owed, and details regarding any state unemployment tax credits claimed. Ensure you have all calculations completed and documented to support your claims on the form.

Is the form accompanied by other forms?

IRS 940 - Schedule A is typically submitted alongside Form 940, the main form for reporting federal unemployment taxes. It may also be supported by other schedules or forms relevant to state tax claims, depending on your jurisdiction and tax circumstances.

Where do I send the form?

IRS 940 - Schedule A should be mailed to the address specified in the Form 940 instructions. The mailing address may vary based on whether you are enclosing a payment with your form. Ensure you check the latest IRS publications for the correct address for submission to avoid processing delays.

FAQ about IRS 940 - Schedule A

What should I do if I realize I've made a mistake on my filed IRS 940 - Schedule A?

If you discover an error after submitting your IRS 940 - Schedule A, you can file an amended return using Form 940-X. Make sure to accurately detail the corrections needed and resubmit your amended form promptly to avoid potential penalties.

How can I check the status of my IRS 940 - Schedule A filing?

To track the status of your IRS 940 - Schedule A, use the IRS ‘Where's My Refund?’ tool online. If you filed electronically, you can typically verify processing status more readily, while paper submissions may take longer to update.

What common errors should I be aware of when submitting the IRS 940 - Schedule A?

Some common errors include incorrect EIN entries, failing to report all taxable wages, or overlooking the details on nonresidents/foreign payees. Double-checking all entries and ensuring alignment with IRS guidelines can significantly reduce the risk of mistakes.

What should I do if my IRS 940 - Schedule A gets rejected?

If your IRS 940 - Schedule A is rejected, carefully review the rejection notice for specific error codes. Correct the indicated issues and resubmit your form as soon as possible to ensure compliance and avoid further complications.

How long should I retain records related to my IRS 940 - Schedule A?

You should retain records related to your IRS 940 - Schedule A for at least four years after the tax year ends. This includes all supporting documentation to ensure you can address any questions or audits from the IRS if needed.