TAX FILE: FUTA filing eased

Jan. 1, 2005
The Internal Revenue Service reduced paperwork for 4-million small employers in 2005. On November 30, 2004, the IRS issued final regulations (T.D. 9162) raising the threshold for quarterly deposits of federal unemployment taxes, effective January 1, 2005. Now, employers will not have to make a quarterly deposit unless the accumulated tax exceeds $500. The threshold had been $100 since 1970.

The Internal Revenue Service reduced paperwork for 4-million small employers in 2005. On November 30, 2004, the IRS issued final regulations (T.D. 9162) raising the threshold for quarterly deposits of federal unemployment taxes, effective January 1, 2005. Now, employers will not have to make a quarterly deposit unless the accumulated tax exceeds $500. The threshold had been $100 since 1970.

About the Author

KEN SIMONSON

Sponsored Recommendations

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

How to Choose the Right Route Planning Solution

This free buyer's guide will help equip you with the knowledge and insights needed to analyze route planning software and vendors in the market and, ultimately, make an informed...

How to Put Your Trucking Data to Work

How fleets can overcome data overload to optimize operations and get ahead.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!