IRS Form 940, FUTA and SUTA Compliance 2019
Live Webinar on January 16,2019 | 01:00 PM ET | 12:00 PM CT | 10:00 AM PT | Duration: 60 Min | By: Dayna J Reum
This program has been approved for 1.0 PDCs toward SHRM certification hours and also pre-approved for 1.0 credit hour under HRCI
IRS Form 940 is used for annual reporting of federal unemployment taxes. Every employer must report and pay unemployment taxes by setting aside an amount and reporting it in Form 940. Since there have been updates to the Form and various states have differing positions on unemployment benefits, it’s important for payroll, HR, finance, accounting and tax professionals to stay updated with the changes.
Some employers may unwillingly withhold payment of Federal Unemployment Tax Act (FUTA) and State Unemployment Tax Authority (SUTA) taxes due to cash crunch but the penalties and punishment for willful evasion of unemployment tax can invite crippling fines or can even land them in jail.
This course by payroll expert, Dayna J. Reum, CPP, FPC, will provide you understanding on type of employers and earnings that are subject to unemployment taxes, as well as review your FUTA tax liabilities for 2019. You will learn how to properly fill and report the IRS Form 940 as per federal or state laws.
Dayna will also discuss the updates that have occurred on the Form 940 and how to avoid common mistakes. Plus, she will discuss the status of the state unemployment system and how it will affect your job in the coming years. At the end of this session, you will learn how to properly calculate, report, and remit FUTA and SUTA taxes, as well as how to reduce costs associated with unemployment claims and processing.
Session Highlights :
- Who and what earnings are subject to unemployment taxes
- Form 940 Overview
- How to properly complete Form 940
- How to properly calculate FUTA tax
- Review FUTA tax rate and tax depositing
- Form 940 updates and avoiding common mistakes
- How FUTA & SUTA interact and why it is important to understand
- Details of the FUTA Credit Reductions
- What is the SIDES program and its impact
- How to reduce and maintain your SUI rates
- How payroll calculates the FUTA and SUTA
- How the states calculate the employerâ€™s experience rating
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