Form 940 & Unemployment Taxes: A Deep Dive into IRS Updates

Get Up-to-Date on Federal Tax Filing Requirements and State Credit Reductions

For years, payroll professionals only had to consider routine rate changes for state unemployment. However, recent IRS updates to federal Form 940, along with the financial strain on state unemployment funds, have led to significant changes in payroll unemployment taxes. With depleted funds in several states and COVID-19 legislation extending tax requirements, FUTA and SUTA have become increasingly complex for both employees and employers.

Employers are increasingly concerned about credit reductions affecting certain states. This webinar by payroll expert Dayna J. Reum, CPP, FPC will cover recent updates and offer strategies to stay proactive. Dayne will also ensure that employers understand when and how credit reductions may impact them in specific states.

Webinar Objectives

This webinar will provide a comprehensive overview of recent updates to federal and state unemployment tax regulations and their impact on payroll practices. Participants will gain an understanding of the evolving unemployment system, credit reductions affecting certain states, and proactive strategies to manage FUTA and SUTA taxes effectively in a complex legislative landscape.

Webinar Agenda

• FUTA Basics
  • Understanding who & what is subject to FUTA tax
  • Understanding the FUTA tax rate
  • Depositing FUTA Tax
• Form 940
  • Basics of Form 940
  • Changes to Form 940
  • Common Mistakes
• FUTA and state unemployment taxes
  • COVID-19 Impacts to SUI
  • How FUTA & SUTA interact and why it is so important to understand
  • Recent changes to SUTA to keep up to date on

Webinar Highlights

• Understanding who and what earnings are subject to unemployment taxes
• COVID-19 Legislative updates and how to manage them.
• A review of FUTA tax rate and tax depositing
• Discuss Form 940 changes and common mistakes made
• How FUTA & SUTA interact and why it is important to understand
• Discussion on the status of the state unemployment system and how it will affect your job in the coming years
• Details of the FUTA Credit Reductions
• How to reduce and maintain your SUI rates

Who Should Attend

Payroll and Tax Professionals

Credit(s)

IRS CPE Credits: 1 Tax hour