The Internal Revenue Service released finalized versions of the 2024 annual federal unemployment tax return, its instructions, and one of its schedules.
The 2024 versions are updated to reflect the fact that California, New York, and the US Virgin Islands have credit reductions for 2024. California and New York have credit reductions of 0.9%, and the US Virgin Islands has a credit reduction of 4.2%, according to Schedule A, Multi-State Employer and Credit Reduction Information. Employers in these jurisdictions must complete Schedule A when preparing Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return.
Employers can file amended ...
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