Certified Payroll Professional Practice Exam

The filing deadline for Form 940, which is the Employer’s Annual Federal Unemployment (FUTA) Tax Return, is January 31 of the following year. This is significant as it aligns with the general reporting timelines for various tax forms, ensuring that employers remain compliant with federal requirements for unemployment tax.

Employers must report their unemployment tax obligations on this form for the previous year, and the January 31 deadline allows ample time for the Internal Revenue Service (IRS) to process this information before the new tax season begins. Timely filing is important not just to avoid penalties, but also to ensure that an employer is up to date with their FUTA tax responsibilities.

Other dates might seem relevant, but they do not align with the IRS designated schedule for FUTA tax reporting. For instance, December 31 is typically the end of the tax year rather than a filing date, while April 15 aligns with individual tax return deadlines, and March 1 does not relate to any specific federal unemployment tax requirement. Thus, the correct filing deadline is indeed January 31 of the following year, maintaining a streamlined process for employers.