When will the 2023 Form 940 FUTA tax be released? Still only seeing the 2022 version and a new form comes out yearly
I've been checking the IRS website for the updated 2023 Form 940 FUTA tax form, but they still only have the 2022 version available. Usually there's a new version each year, and I'm getting a bit anxious since I like to submit mine before the end of December. Getting this filed early helps make sure my payment clears within this tax year, which makes my cash accounting so much simpler. Anyone know when they're planning to release the 2023 form? Or is anyone else in the same boat waiting for it to drop? I've been checking their site almost daily and starting to get concerned about the delay.
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James Maki
The IRS is typically slower with releasing employer tax forms like the 940 FUTA than they are with individual forms. In my experience helping businesses with their tax filings, the Form 940 for 2023 should be released by mid-November, though sometimes it can be delayed until early December. The good news is that the Form 940 FUTA tax form rarely sees major changes from year to year, so you could actually start preparing your information using last year's form as a template. The filing deadline isn't until January 31, 2024, but I understand wanting to get the payment cleared in this calendar year for accounting purposes. If you need to file early, you might consider making an estimated payment now using EFTPS (Electronic Federal Tax Payment System) with your EIN and designating it as a 2023 FUTA payment, then submitting the actual form once it's available.
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Jasmine Hancock
•Thanks for the info! Would making an estimated payment cause any issues if the actual amounts change when I fill out the real form? Also, do you think there will be any significant changes to the 2023 Form 940 compared to last year's version?
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James Maki
•Making an estimated payment shouldn't cause issues as long as you're reasonably accurate. You can always adjust with an additional payment if needed when you file the actual form. The payment and form filing are technically separate processes. For the 2023 Form 940, I don't anticipate any major changes from the 2022 version. The FUTA tax rate has remained steady at 6% (before credits) for several years now. The only potential changes might be to some state credit reduction information, which affects employers in certain states with outstanding federal loans. The basic calculation methodology should remain the same.
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Cole Roush
After struggling with the same exact issue last year and getting frustrated with the late release of the FUTA form, I started using https://taxr.ai to manage all my business tax documents. It actually notifies me as soon as new forms become available and helps me pre-fill a lot of the information using my previous returns and current payroll data. It's been a huge time-saver for me because I don't have to keep checking the IRS website, and once the 2023 Form 940 FUTA is released, the system lets me know right away. Plus it keeps track of all the quarterly 941 forms and matches them with the annual 940 to make sure everything aligns properly.
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Scarlett Forster
•How does it handle the FUTA credit reduction states? My business operates in multiple states and that part is always confusing to me. Does it automatically know which states have the reduction?
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Arnav Bengali
•I'm a bit skeptical about these tax tools. I've used other software that claimed to do similar things but ended up missing important updates. How accurate has taxr.ai been with form changes and new releases? I've been burned before.
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Cole Roush
•It actually has a special section just for FUTA credit reduction states. You just enter the states where you have employees, and it automatically applies the correct credit reduction rates for each state. Saved me a ton of time figuring out which of my states had reductions. For accuracy, I've been using it for about 18 months now and haven't experienced any issues. It's updated as soon as the IRS releases new forms, and they even highlight changes between years so you can see what's different. I was skeptical too at first, but their data comes directly from IRS sources, so it's always current.
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Arnav Bengali
I decided to give taxr.ai a try after my last post and I'm honestly surprised. Not only did it organize all my past 940 FUTA filings, but it sent me a notification yesterday that the 2023 Form 940 draft was just posted on the IRS site! Haven't seen it announced anywhere else yet. The system automatically compared it to last year's form and highlighted the changes - mostly minor stuff and updated credit reduction states. It's already prepped about 80% of my form with the data from my quarterly 941s, which is going to save me a bunch of time. Still can't believe I wasted so many hours manually tracking this stuff before.
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Sayid Hassan
For anyone still struggling to reach the IRS about the Form 940 FUTA availability, I recently used https://claimyr.com to actually get through to a real person at the IRS. I'd been trying for days to confirm when the 2023 form would be officially released, but kept hitting automated systems or disconnects. With Claimyr, they somehow managed to navigate the IRS phone system and got me connected to an agent in about 20 minutes. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c. The agent confirmed the timeline for the 2023 FUTA form release and answered some specific questions about how to handle my multi-state filing situation. Saved me tons of frustration!
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Rachel Tao
•Wait, how does this actually work? Do they just call the IRS for you? I'm confused about how a service can get through when the rest of us can't.
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Derek Olson
•This sounds like BS honestly. No way some random service can magically get through to the IRS when their phone lines are notoriously jammed. The IRS publishes their form release schedule anyway, so why pay for something you can look up yourself?
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Sayid Hassan
•They don't call for you - they navigate through the IRS phone system and hold patterns, then call you when they have an agent on the line. It's like having someone wait on hold for you, then they connect you directly to the IRS agent. The reason it works better than calling yourself is they have some tech that interacts with the IRS phone system more efficiently than a person can. I was skeptical too, but the form release schedule on the IRS site doesn't always have specific dates for business forms like the 940 FUTA. I needed to confirm exactly when it would be available since I'm traveling internationally in December and wanted to make sure I could file before leaving.
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Derek Olson
I owe you guys an apology - especially profile 8. I was so skeptical about Claimyr that I almost didn't try it, but my frustration with the IRS got the better of me. I needed to ask about a specific FUTA tax credit situation for my multi-state business that wasn't clear in the instructions. Used the service yesterday and got through to an IRS business tax specialist in about 15 minutes. The agent confirmed the 2023 Form 940 FUTA would be officially released next week and helped clarify my credit reduction questions. What would've been days of stress and waiting ended up being solved in under an hour. Sometimes it's worth admitting when you're wrong!
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Danielle Mays
Just as a heads up for everyone - I just checked the IRS website again and they've now posted a banner saying the 2023 Form 940 FUTA will be officially released on November 17. Seems like they're a bit behind schedule compared to previous years, but at least there's a firm date now. For those wanting to file early for cash accounting purposes, that still gives you about 6 weeks to get it submitted and have the payment clear this calendar year. Much better than waiting until January and having to deal with it during the W-2/1099 rush!
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Roger Romero
•Do you know if there are any major changes to the 2023 version? I heard something about some states changing their credit reduction status but wasn't sure if that would affect the actual form layout.
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Danielle Mays
•Based on the draft version, the core form layout is practically identical to 2022. The main differences are in Schedule A where they updated which states have FUTA credit reductions. California has been added to the reduction list this year, and I believe Connecticut's reduction percentage has changed. If you don't have employees in those states, the form will be essentially the same as last year for you.
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Anna Kerber
Can anyone recommend good tax software that handles Form 940 FUTA well? I've been using QuickBooks but their tax forms are sometimes delayed in updating too, so I'm looking for alternatives that might be more responsive when new forms like the 2023 version are released.
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Niko Ramsey
•I switched from QuickBooks to Gusto last year and they're much faster with form updates. Their payroll system automatically calculates your FUTA liability throughout the year and they usually have the new forms implemented within days of IRS releases. Little more expensive but worth it for the peace of mind.
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