Compliance Connection | Federal Reporting Forms

Federal Reporting Forms

When providing wage and tax details to the federal government, proper form is essential. Before the next deadline, check with us to find out if there's been a change in how, what, or when you must file.

Staying Up-To-Date And In Good Form.

Form 940 (Employer's Annual Federal Unemployment (FUTA) Tax Return)

Only minor wording changes were made to the form and instructions. There are no calculation changes or new data requirements, EXCEPT for a new Question 6. The latter anticipates that several states (as yet unidentified ) will be subject to credit reduction on the Form 940. The credit reduction is for un-repaid advances which the employer's state used to fund unemployment benefits paid. (Expected I.R.S. release of final format is mid-November.)

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Form 941 (Employer's Quarterly Federal Tax Return)

Only minor format and wording changes were made to the form and instructions for reporting. There are no calculation changes or new data requirements.There were no changes to the form or the instructions.

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Form 943 (Employer's Annual Federal Tax Return for Agricultural Employees)

Including Form 943-V (Form 943 Payment Voucher) and Form 943-A (Agricultural Employer's Record of Federal Tax Liability). Only minor format and wording changes have been made to the form and instructions. There are no calculation changes or new data requirements. The expected I.R.S. release of final format is mid-November.

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Form 945 (Annual Return of Withheld Federal Income Tax)

The form is used to report calendar year non-payroll income tax withholding for Forms 1099 and W-2G. All references to year are updated. Only minor format and wording changes have been made to the form and instructions. There are no calculation changes or new data requirements. (Expected I.R.S. release of final format is mid-November.)

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Form W-2 (Wage and Tax Statement)

The government-printed Form W-2 continues to be in six copies, with Copy A printed in red "drop-out" ink. Also, authorized in the Substitute Form Specifications, is an SSA-approved, LASER-PRINTED, black-and-white version of Form W-2, Copy A. The remaining copies are printed in black ink. A new code also has been added for use in Box 12: Code W - Employer's contribution to an employee's Health Savings Account. The Earned Income Credit dollar limits have been updated. Also, the Social Security taxable wage limit has been updated.

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Form W-3 (Transmittal of Wage and Tax Statements)

The government-printed Form W-3 continues to be a one-part form printed in red "drop-out" ink. Also, authorized in the Substitute Form Specifications, is an SSA-approved, LASER-PRINTED, black-and-white version of Form W-3.

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Form W-4 (Employee's Withholding Allowance Certificate)

Prepared by the employee, this form is used by employers in calculating the correct amount of Federal income tax to be withheld. The total income ranges on the worksheet have been revised. These total income ranges are used when determining (1.) child tax credit allowances, and (2.) allowances in two-earner/ two-job conditions. Also, the standard deduction amounts have been updated. There are no other significant changes to the form.

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Form 1096 (Annual Summary and Transmittal of U.S. Information Returns)

This one-copy form continues to be printed in red "drop-out" ink. Only minor revisions have been made to the form and instructions, including years, due dates and a mailing address.

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Form 1099-MISC (Miscellaneous Income)

The form continues to have five copies, one of which (Copy A) is printed in red "drop-out" ink. There are no significant changes to the form or its instructions. However, the Back-Up Withholding Rate was reduced for payments made to payees who did not have a Social Security Number on file.

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Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.)

The form continues to have six copies, one of which (Copy A) is printed in red "drop-out" ink. There are no significant changes in the form from the prior year.

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Form 8027 (Employer's Annual Information Return of Tip Income and Allocated Tips) Form 8027-T (Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips)

In both forms, all references to year are updated. There are no calculation changes or new data requirements.

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Form 5500 (Fringe Benefit Plan Annual Information Return)

The IRS suspended the requirement to file Form 5500 and Schedule F for certain Section 125 "cafeteria" and P.O.P. plans, that do not themselves provide any welfare benefits subject to ERISA. The underlying welfare benefit plans funded by a premium-only plan will still have to file Forms 5500 --- those plans are generally subject to ERISA, which imposes its own reporting requirement. The I.R.S. Notice only addresses reporting for Section 125 plans, Section 127 educational assistance programs and Section 137 adoption assistance programs. Flexible Spending Accounts (FSAs) are funded through Section 125 plans, but are not Section 125 plans themselves. The I.R.S. Notice does not suspend applicable reporting requirements with respect to FSAs (although the reporting requirement for dependent care FSAs, which are not welfare benefit plans, was suspended in 1990).

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