Form 940 (FUTA) Tax Return Prepared For Your Construction Company

Your Construction Company - Needs to file a Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return by January 31 following the end of the calendar year and we can do it for you!

Avoid Tax Issue And Hassle - You have more important things to do so let the QuickBooks experts help you with this

Are You An Employee - Of your small business? By that I mean do you take a formal payroll and receive a W-2 at the end of the year? Depending on your company structure you may or may not be an employee. Do you have any other employees? If you are anyone else in your company they need to an employee with regular payroll / taxes taken out of each check / W-2 at the end of the year and payroll taxes paid.

Payroll Taxes Are Calculated - On gross wages. Federal FUTA payroll taxes are paid based on the individual schedule set up by the Internal Revenue Service. It based on the total payroll liabilities schedule can be semi-weekly / monthly / quarterly. Most contractors only have to file the 940 FUTA payroll tax annually and it is due on January 31st of the following year.

The Amounts Declared - On your quarterly 941 reports and your annual 940 FUTA (Federal Unemployment) and the year-end W-2’s all need to match each other. Otherwise you could send a red flag that may trigger an audit.

Things Have Changed - Now the IRS has can request a copy of your QuickBooks file for an intense review. Now more than ever you need to be sure your contractors bookkeeping is clean and proper. This is one area where a Bad Bookkeeping can cost you and your company a lot of money in back taxes, fines and penalties.

Be Careful When Hiring “1099 Employees” - Independent contractor or non-employees need to be properly licensed, bonded and insured and provide you with a certificate of insurance since they are in business for themselves. If they do not have those things then make them an employee of a construction labor provider like Madden Industrial Craftsman or Labor Ready to reduce your financial, civil and criminal liability.

Most States Have Online Databases - To check on the status of a business by company name or owner’s name. You need to be aware that State and Federal government agencies talk to one another. Most states have employers fill out a “New Hire” form to notify the State of the location of new employees.

Most States Will Check - Their records for “Outstanding Child Support” liabilities. This database is linked to all 50 states and Tribal Agencies. It is important for business owners not to get into a position where they will be forced to assume the financial liability for some or all of your employee's children due to issues regarding payments due to the state agencies.

If You Are You Still Using the IRS Tax Guide – We recommend looking into our Payroll Processing Service because it could save you time and money.

Having Processed Construction Payroll In Washington State - For over thirty years we understand their guidelines very well and we know who and where to call when the things gets “wacky”.

Remote Cloud Based Bookkeeping Services - Lets you access QuickBooks anywhere you have internet connection. Electronic tax reporting and invoicing can be fast and easy. If you need help we are here to support you.

You May Still Need A Way To Prove - That you sent the Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. In those cases you can print the reports on your printer as needed.

Profitable Construction - Companies have known about the value of outsourced bookkeeping services for a long time and now you know about it too!

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About The Author:

Randal DeHart, PMP, QPA The Construction Accountant Randal DeHart, PMP, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. He is the leading expert in outsourced construction bookkeeping and accounting services for small construction companies across the USA. He is experienced as a Contractor, Project Management Professional, Construction Accountant, Intuit ProAdvisor and QuickBooks For Contractors Expert. This combination of experience and skill sets provides a unique perspective which allows him to see the world through the eyes of a contractor, Project Manager, Accountant and construction accountant. This quadruple understanding is what sets him apart from other Intuit ProAdvisors and accountants to the benefit of all of the construction contractors he serves across the USA. Visit to learn more.