Stephanie Glanville is the Marketing Manager of TaxBandits. She has several years of experience with IRS tax forms and the funtionality of TaxBandits. With a passion to help business owners better understand their IRS tax forms and filing, she aims to create content that is valuable and informative.
Employers must submit Form 940 annually to report federal unemployment taxes to the IRS. However, you must make FUTA tax payments based on your tax liability. Refer to 940 payment due dates
It’s crucial to ensure that you file Form 940 and make payment deposits on time to avoid potential IRS penalties.
When is the due date to file Form 940 for the 2024 tax year?
Form 940 is filed annually with a due date of January 31. However, if all FUTA taxes are deposited on time, then you have 10 additional calendar days (February 10) to file Form 940.
The deadline to file Form 940 for the 2024 tax year is
January 31, 2025
Note: If the due date falls on a weekend or legal holiday, you may file the return on the next business day.
How often are 940 payments due?
Form 940 payment due date is based on when the FUTA taxes are deposited. Here are the deposit deadlines based on your tax liability.
If your FUTA tax liability is
940 payment due date
more than $500
1st Quarter - April 30
2nd Quarter - July 31
3rd Quarter - October 31
4th Quarter - January 31
$500 or less
January 31
If the FUTA tax liability is more than $500 for the calendar year, then the payments should be deposited for at least one quarter. If the liability is $500 or less in a quarter, it can be carried over to the next quarter.
For more detailed information about when to deposit your FUTA tax, click here.
Effortless FUTA tax payments at your convenience!
You can make your 940 tax deposits easily through the TaxBandits EFTPS payment solution. Know more
What are the penalties for late filing & payment?
The IRS will impose penalties if you fail to file your 940 return within the deadline. Additionally, you will be imposed with a penalty for late payment of taxes. This will be increased daily for the amounts that you have not deposited properly.
For more information on penalty rates for late filing and payment of taxes, click here.
File and Pay Your FUTA Taxes On Time, and Meet the Deadline With TaxBandits!
As an employer, managing tax filings and deposits can be overwhelming and time-intensive. To ensure the timely submission of Form 940, get started with TaxBandits today!
TaxBandits, an IRS-authorized e-file provider, simplifies your 940 filing process with secure and efficient filing, timely deadline reminders via call or email, and tax payments through EFTPS, offering a complete solution for your business.
Learn more about how TaxBandits simplifies the process to e-file Form 940.
