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IRS New Form 940 and State and Federal Unemployment (FUTA/SUTA) Updates for 2023

For years the only changes payroll professionals had to worry about was normal rate changes for state unemployment each year. But in recent years the IRS has made updates to the federal Form 940 and states are in a much different position financially regarding unemployment benefits. Because several states are faced with depleted funds, changes are occurring on payroll unemployment taxes. With the change in the economy and legislation changes happening more often this has become more complicated for both employees and employers.

The IRS has released the 2022 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, Schedule A (Form 940), Multi-State Employer and Credit Reduction Information, and the Instructions for Form 940. The additional FUTA tax must be deposited by the due date of the 2022 federal Form 940, which is January 31, 2023.

 

Areas covered in this Training-

-Understanding who and what earnings are subject to unemployment taxes
-A review of FUTA tax rate and tax depositing
-Discuss Form 940 changes and common mistakes made
-How FUTA & SUTA interact and why it is important to understand
-Discussion on the status of the state unemployment system and how it will affect your job in the coming years
-Details of the FUTA Credit Reductions and new states added for 2022
-How to reduce and maintain your SUI rates

 

Why Attend this Training-

By attending this webinar, you will get to know –
-Review of the Form 940 and details on that to include on Line 3 and Line 4 of the form
-Understanding FUTA rates and how to get the best credit
-State unemployment and how rates are calculated
-Details on how employers can reduce unemployment costs
-Review recent changes for 2023 and how it will impact your 2022 reporting

Suggested Attendees-

-Payroll professionals
- Accounting Professionals
-Tax Professionals
-HR Professionals
-CPAs
-EAs

 

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