The Internal Revenue Service has updated both its Form 940, “Employer's Annual Federal Unemployment Tax Return,” as well as online tools to help taxpayers determine whether they should deduct their state and local general sales taxes, or whether they might owe the alternative minimum tax.The IRS has redesigned Form 940 to be more user-friendly for the more than 1 million payroll professionals and business owners who file the form.
In May 2004, a team led by the agency’s Office of Taxpayer Burden Reduction began the process of redesigning the form, working towards the creation of a plain-language form compatible with optical scanning. The new form also incorporates the advantages of the now-discontinued Form 940-EZ. Other improvements include:
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