February 1st, 2021
File Form 940 Schedule R
Phone: (704) 684-4751
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Make use of our bulk upload template and simplify the time taken in manually uploading your Schedule R (Form 940) data.
If you don't have an Online Signature PIN, don't worry! You can always use Form 8453-EMP to e-sign your Form 940 through TaxBandits.
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What Information is Required to File Schedule R (Form 940) Online?
The following information must be provided to file Schedule R (Form 940):
- 1. Business Information of CPEO / Section 3504 Agent (including name, EIN, and address)
2. Employment details of the aggregate filer and their clients:
- i. Total number of employees
- ii. Total taxable FUTA wages
- iii. Total adjustments for state exclusions (if applicable)
- iv. Total credit reduction amount
- v. Total FUTA tax after adjustments
- vi. Total FUTA tax deposits
How to E-File Schedule R (Form 940)?
Follow These Steps To Instantly Complete Schedule R (Form 940)
- Log in or create your FREE TaxBandits account.
- Select "Aggregate 940 (Schedule R)" on the dashboard.
- Enter your business information such as the Name, Type, EIN, and Address.
- Select the tax year that you're filing for.
- Select either the CPEO or Reporting Agent option to proceed.
- Complete Schedule R (Form 940) with our interview-style process.
- Enter your Online Signature PIN or complete Form 8453-EMP.
- Review your form summary, pay for your form, and transmit it directly to the IRS.
Frequently Asked Questions
What is Schedule R (Form 940)?
CPEOs and Section 3504 Reporting Agents are required to attach Schedule R (Form 940) to Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return. Schedule R simplifies the aggregate reporting process by allocating aggregate wages, taxes, credits, deposits, and payment amounts to be reported on Form 940.
CPEOs can file the returns listed on Form 8973, and are generally required by the IRS to file their Schedule R electronically. Section 3504 Agents can file the returns listed on their Form 2678 appointment. Aggregate filers can use their own EIN to file a single Form 940 for all of their clients via Schedule R, along with those clients’ respective FUTA wage and tax liability information.
Apart from CPEOs, Aggregate Form 940s for home care service recipients are filed by agents (approved by the IRS under section 3504 through Form 2678, unless you are a state or local government agency acting as agent).
What is the deadline for 2020 Form 940 Schedule R?
The deadline for filing Form 940 Schedule R for 2020 is February 1, 2021.
Note: If you fully deposited all your FUTA tax when it was due you have until February 10, 2021 to file Form 940.
What are the penalties for failing to file Schedule R (Form 940)?
Generally, the CPEO is solely responsible for paying the client's employment taxes, filing returns, and making deposits and payments for the reported taxes. IRC Section 3504 Agents and their clients are both responsible for paying their employment taxes, filing returns, making deposits and payments for the reported taxes.
Late-deposit penalty amounts are determined using calendar days, starting from the due date of the liability.
File Your Tax Return On Time! Avoid Your Penalties!
Helpful Resource for Form 940
Schedule A (Form 940)
TaxBandits has provided the guide that contains credit reduction information to file form 940. Read this resource article and get to know about Schedule A (Form 940).
Form 940 Penalty
The IRS will impose a penalty if you fail to file form 940 to the IRS or late file or late payment on Form 940.