I have completed the quarterly and annual payroll tax returns for all but one of my payroll clients – except for the 2007 Form 940s.
While the forms have not yet arrived in the mail, the 2007 Form 940 is available to download on the IRS website.
The Form 940 has been completely revised to resemble the format of the quarterly Form 941. It appears that there is no longer a 940EZ.
The new Form 940 is two (2) pages (like the Form 941), and there is a separate Schedule A if you are a “multi-state” employee or have to deal with the credit reduction.
Former 940EZ filers can complete only Parts 1 and 2 on the front page. Those who were required to file the Form 940 “long-form” in the past will have to complete the separate Schedule A. Employers with a total FUTA liability for 2007 of more than $500.00 will complete Part 5 and all filers will complete Parts 6 through 8 on the back page.
Payments are still made using a Form 940-V payment voucher.
TAFN
While the forms have not yet arrived in the mail, the 2007 Form 940 is available to download on the IRS website.
The Form 940 has been completely revised to resemble the format of the quarterly Form 941. It appears that there is no longer a 940EZ.
The new Form 940 is two (2) pages (like the Form 941), and there is a separate Schedule A if you are a “multi-state” employee or have to deal with the credit reduction.
Former 940EZ filers can complete only Parts 1 and 2 on the front page. Those who were required to file the Form 940 “long-form” in the past will have to complete the separate Schedule A. Employers with a total FUTA liability for 2007 of more than $500.00 will complete Part 5 and all filers will complete Parts 6 through 8 on the back page.
Payments are still made using a Form 940-V payment voucher.
TAFN
No comments:
Post a Comment