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The Farm CPA

RSS By: Paul Neiffer, Top Producer

Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.

Reminder on Your Form 940!

Jan 19, 2012

Several farm states including Illinois and Minnesota will not be able to claim the full 5.4% credit when filing their form 940 Federal Unemployment tax return this year.  This is due to these states not yet repaying the federal government the funds they borrowed to make state unemployment payments over the last few years.

IRS Headliner Volume 317 has the details on the states and the amount of reduction in the credit.  The painful part is that you also will have to fill out Schedule A as part of the return instead of taking the simple 5.4% credit on the front page of form 940.

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