The IRS has released the 2022 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, Schedule A (Form 940).
California, Connecticut, Illinois, and New York, along with the Virgin Islands, did not pay back their federal loans by the November 10, 2022, deadline and will lose the full Federal Unemployment Tax Act (FUTA) credit for 2022.
Credit reduction states for 2022: The credit reduction rate for California, Connecticut, Illinois, and New York is 0.003 (0.3%). The credit reduction rate for the U.S. Virgin Islands is 0.036 (3.6%).
The additional FUTA tax must be deposited by the due date of the 2022 federal Form 940, which is January 31, 2023. The 2022 Schedule A contains the official list of credit reduction states, and the credit reduction total from Schedule A is reported on Form 940.
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How to File Form 940?
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