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If a business has ceased operations during the year, and the payments of the FUTA taxes have been made, a Form 940 does not need to be completed for that year. True or False?

Answer :

False. If a BUSINESS has ceased operations during the year, it is still required to file a Form 940, also known as the Employer's Annual Federal Unemployment (FUTA) Tax Return, if it meets certain criteria.

According to the Internal Revenue Service (IRS) guidelines, a business is required to file Form 940 if it meets any of the following conditions:

1. It had employees to whom it paid wages of $1,500 or more in any calendar quarter during the year.

2. It had one or more employees for at least some part of a day in any 20 or more different weeks in the current or preceding calendar year.

Even if a business has ceased operations during the year, it may still need to file Form 940 if it meets the criteria mentioned above. It is important to comply with the IRS requirements and consult with a tax professional or refer to the IRS guidelines for specific filing obligations based on the business's circumstances.

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