IRS form 940 and Unemployment Tax Updates for 2023-24

Dayna J. Reum, CPP, FPC

Dayna J. Reum, CPP, FPC

Dayna is currently the Director of Payroll Operations at a major medical center in Chicago. Dayna has been heavily involved in the payroll field over 20 years. Starting as a payroll clerk at a small Tucson company, Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC...
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60 Mins
Dayna J. Reum, CPP, FPC

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 COVID-19 legislation and all the extension The Federal Unemployment Tax Act (FUTA) and State Unemployment Tax Act (SUTA) taxation has been an area that has become more complicated for both employees and employers.

Webinar Objectives

This webinar will review the necessary updates on where our unemployment system is and how this will affect the way payroll professionals will do their jobs now and into the future.

Webinar Agenda

  • FUTA Basics
    • Understanding who & what is subject to FUTA tax
    • Understanding the FUTA tax rate
    • Depositing FUTA Tax
  • Form 940
    • Basics of Form 940
    • Changes to Form 940
    • Common Mistakes
  • FUTA and state unemployment taxes
    • COVID-19 Impacts to SUI
    • How FUTA & SUTA interact and why it is so important to understand
    • Recent changes to SUTA to keep up to date on

Webinar Highlights

  • Understanding who and what earnings are subject to unemployment taxes
  • COVID-19 Legislative updates and how to manage them.
  • 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
  • What is the SIDES program and what its impact will be
  • How to reduce and maintain your SUI rates

Who Should Attend

Payroll and Tax Professionals

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IRS CPE Credits: 1 Tax hour

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