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Reporting of Other Government Payments

Reporting of Other Government Payments

by | 21 Jan | , , , ,

Many businesses who received Ohio Bureau of Worker Compensation rebate or dividend checks during 2020 recently received a letter from the Ohio Bureau of Workers Compensation requesting that they provide the BWC a completed Form W-9 to provide the information needed to complete the IRS tax statement Form 1099-G, which reports taxable Government Payments. This action also indicates that these rebate payments could potentially be subject to both Ohio state income tax and Commercial Activity Tax.

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Ohio BWC Defers Monthly Premium Payments For Summer 2020

Ohio BWC Defers Monthly Premium Payments For Summer 2020

by | 26 Jun | , , ,

On May 28, Ohio Gov. Mike DeWine announced the Ohio Bureau of Workers’ Compensation (BWC) will defer Ohio employers’ premium installments this summer.

DeWine’s announcement was to help businesses focus on the well-being and safety of their customers and employees.

Businesses will have the option to defer their monthly premium payments with no financial penalties in the months of June, July, and August.

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Gov. DeWine, BWC Propose $1.6 billion Dividend to Ohio Employers

Gov. DeWine, BWC Propose $1.6 billion Dividend to Ohio Employers

by | 9 Apr | , , ,

Move made to ease COVID-19 financial impact

Ohio Gov. Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus pandemic on Ohio’s economy and business community.

“This is great news for Ohio’s businesses, and will assist in relieving some of the financial pressures many are experiencing,” said DeWine. “Administrator McCloud and I both encourage businesses to reinvest this money in the health and safety of their employees.” 

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Deadline nears for Workers’ Compensation true-up

by | 26 Jul | , , , ,

The deadline is approaching for private employers to “true-up” with the Ohio Bureau of Workers’ Compensation (BWC).

A press release posted on the Ohio BWC website reminds employers they have until Aug. 15 to complete an important action necessary for the BWC to accurately calculate premiums.

iStock-936143492_blogAccording to the press release, prior to each policy year (July 1- June 30), employers’ payroll amount, the basis for their premium, is estimated based on historical data. When the policy year-ends, employers are required to true-up, which means they must report the actual payroll for the policy year that ended on June 30 and reconcile any difference in premium paid.

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Show Me the Money! BWC annual True-up reports due soon

Show Me the Money! BWC annual True-up reports due soon

by | 19 Jul | ,

The midway mark in the calendar year signifies a checkpoint for the Bureau of Workers Compensation (BWC). The BWC Annual True-up reports are due soon and while many companies are ready, some may still be a little fuzzy about the new process and timeline. Cleveland CPAs help with True-up reports.jpeg

This is the second year for annual True-up reporting.  Most private employers are on a bi-monthly payment installment schedule (other than the minimum payers). If employers wish to elect a monthly installment option, they can make the change annually prior to the start of the new policy year,

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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.

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