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Additional Notes on Federal Unemployment Tax increase in January 2005 --
Use Federal Form 940
As an addendum
to the Committee on Unemployment Compensation October 26th mailing
advising members of the upcoming January 2005 Federal Unemployment Tax
Increase, those
employers who
have filed Federal Form 940-EZ in the past when paying their Federal
UC tax to the Federal government [id. est., only employers that timely
pay state UC taxes to just 1 state] are
reminded that they must use Federal Form 940 in January 2005.
The Internal
Revenue Service will be mailing Form 940 and its instructions in
mid-December -- in addition to information on their website. The
IRS draft version of Form 940 carries a new line 6
on Part I titled "Additional tax resulting from credit reduction
for unrepaid advances to the State of New York" where employers are
told to "Enter the wages included on line 5 [total taxable wages]
and multiply by .003".
December 13, 2004
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