How does an employer file an amended Form 940?

Question

13-10-2024
Business

High School

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How does an employer file an amended Form 940?

Answer :

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BurtonLuke BurtonLuke · Answer 1 · 2023-11-03T09:26:41-04:00

Final answer:

Employers should use IRS Form 940-X to file an amended Form 940 for corrections. They must calculate the correct FUTA tax amounts, explain the changes, and send the form to the IRS with any additional payment if necessary. If a refund is due, they can request it or apply it to the next return.

Explanation:

When an employer needs to correct an already filed Form 940, they must file an amended return using the IRS Form 940-X, Adjusted Employer’s Annual Federal Unemployment (FUTA) Tax Return or Claim for Refund. This form should be used to make adjustments to previously reported FUTA tax and wages. To complete Form 940-X, the employer must provide the corrected information and explain the reasons for the changes. They should refer to their originally filed Form 940 and have all relevant employment tax records available to ensure the accuracy of the amendments.

Figure the correct amount of FUTA tax for the year, taking into account any changes in taxable FUTA wages. Check the appropriate box for the quarter in which you are making the changes. If the changes affect more than one quarter, adjustments need to be made for each quarter affected.

After completing and reviewing Form 940-X for accuracy, the employer should mail it to the address listed on the form’s instructions, accompanied by a payment if additional tax is due. If the amendment results in a refund, the employer can choose to apply it to the next return or request a refund. It’s important to keep a copy of the amended return and all documentation for at least four years.