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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.
According 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.
Posted by: Barbara Theofilos, CPA
Posted by: DeAnna Alger, CPA
Posted by: Gary M. Sigman, CPA, MTax, PFS
Intuit QuickBooks Payroll
Payroll Update: Revised Tax Tables