It’s Time to “True-Up” with Ohio BWC
July 13, 2016
Now that the first fiscal year under prospective billing has ended, payroll true-up reports are due no later than August 15, 2016.
Prospective Billing became effective July 1, 2015, for private employers. With this transition, the Ohio Bureau of Workers’ Compensation (BWC) requires employers to pay installments on their estimated worker’s compensation premiums throughout the fiscal period 7/1/15 through 6/30/16, and then file an annual return to reconcile actual wages paid during that time.
Employers will need to report the number of employees and the actual payroll for each manual code during this fiscal period. Even if an employer’s actual payroll matches the BWC’s estimate or had zero payroll, a true-up report must still be submitted.
The easiest way to file the true-up report is using the BWC e-account, or you can create a new account. This account will provide instant calculations on any additional premium or credit due based upon the reporting of actual payroll.
Eligible employers who file and pay online receive a 1% premium rebate, up to a maximum of $2,000. Employers who do not file online will need to use the BWC call center and wait times may be high. Failure to file and pay any premium related to the true-up will result in removal from all employer discount programs and rating plans.
BWC will be mailing out reminders, but mark your calendar for the August 15 deadline.
If you have questions about the new prospective billing system or have questions about filing your true-up report, contact:
Supervisor, Assurance and Advisory Services
James E. Merklin?>
CPA/CFF, CFE, CGMA, MAcc
About the Authors
Stay up-to-date with the latest news and information delivered to your inbox.