Tax Tip of the Week | No. 305 | Ohio BWC Credit Opportunity

Tax Tip of the Week | June 3, 2015 | No. 305 | Ohio BWC Credit OpportunityEmployers could miss out on $1.2 billion Ohio BWC creditAbout 11,000 businesses and other employers insured by the Ohio Bureau of Workers' Compensation (BWC) could lose their share of the statewide $1.2 billion premium credit in the pending switch to prospective billing if they don't bring their accounts current by July 1.Starting July 1, private employers will be able to pay their annual workers’ compensation premiums in two, four, six or 12 installments. BWC is now sending Ohio employers notices with their projected amount due. This notice is NOT a bill. Instead, employers are encouraged to review the amount and contact BWC if they think the figure is inaccurate.Even if your business’ workers’ compensation coverage has lapsed because you’ve fallen behind on payments, you are still eligible for the premium credit if you contact the BWC and set up a payment plan by July 1.To receive the premium credit, employers with lapsed policies must take the following steps:-    Report unreported payroll for currently lapsed payroll periods.-    Pay any outstanding premium, late fees and penalties for assessed premium.-    Request a payment plan for any premium amounts that cannot be paid in full.Under the new prospective billing system, businesses will be billed prior to coverage instead of the current practice of billing employers in arrears. The first payment for private employers under prospective billing is due Aug. 31.If you have employees, give us a call if you have any questions.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt – the guy behind TTW...until next week.