Business News 2022
IRS published the new Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return.
The new editions of ezPaycheck payroll software is available. Current ezPaycheck 2022 clients can get this update for free.
Four States and Virgin Islands Subject to FUTA Credit Reduction
California, Connecticut, Illinois, and New York, along with the Virgin Islands, did not pay back their federal loans by the November 10, 2022, deadline and will lose the full Federal Unemployment Tax Act (FUTA) credit for 2022.
Credit reduction states for 2022
: The credit reduction rate for California, Connecticut, Illinois, and New York is 0.003 (0.3%). The credit reduction rate for the U.S. Virgin Islands is 0.036 (3.6%).
- How to update ezPaycheck 2022
- How to file form 940?
- IRS 940 Guide