Form 940 changes for 2025

• A new Aggregate Return Filers Only section, where aggregate filers identify themselves as a section 3504 agent, a CPEO or another third party.
• Refunds by direct deposit, with bank details on lines 15c to 15e, or apply the overpayment to the next return on line 15b.
• Balances due on line 14 paid electronically.
• Return transcripts for 2023 and later in the business tax account.
• Credit reduction states for 2025: wages subject to those states’ unemployment laws reduce the credit, figured on Schedule A (Form 940).

FUTA is 6.0% on the first $7,000 paid to each employee, with a maximum credit of 5.4%. The 2025 return was due February 2, 2026, or February 10, 2026 if all FUTA tax was deposited on time.

The instructions do not list the credit reduction states in What’s New, so check Schedule A (Form 940) for the state list and rates before finishing a multi-state employer’s return.