By what date must an employer generally file Form 940 for the previous year's FUTA liability?

Employers are required to file Form 940, the Employer's Annual Federal Unemployment Tax Return, by January 31 of the following year for the previous year's FUTA liability. This deadline ensures that employers report their unemployment tax activities in a timely manner, allowing the IRS to accurately assess compliance with unemployment tax regulations.

Filing by this date provides a clear timeline for employers to settle their tax responsibilities and promotes the efficient processing of tax records. If January 31 falls on a weekend or legal holiday, the due date may be adjusted to the next business day, maintaining consistency in reporting deadlines.

This timing reflects the importance of maintaining accurate tax records and ensures that the government can effectively manage unemployment funds, as the FUTA tax is critical in covering claims for unemployment insurance benefits. Understanding these filing dates is essential for payroll professionals to avoid penalties and ensure compliance with federal tax laws.