Ohio BWC Annual Payroll True-Up & Ohio Unclaimed Funds Returns
May 10, 2016
Over the past few months, the Ohio Bureau of Worker’s Compensation (BWC) has been sending notices to businesses as a reminder of the new regulations which have been in affect over the past year. After the final June 2016 payroll, businesses will need to file an annual payroll true-up return. This will include all wages paid from July 1, 2015, through June 30, 2016. Businesses will be required to report the total wages paid for this period along with the deposits submitted to the Bureau of Workers’ Comp since last July and into the current year. Deposits should have been paid – some organizations elected to pay 1 payment while others decided to pay bi-monthly. Organizations should not include the amount paid for your 1st half 2015 wage report filed last July/August. Only payments made on this new payment schedule must be reported
In May, employers should receive a notice of estimated annual premiums along with their annual certificate of coverage. Letters and emails have been sent to businesses regarding the payroll true-up. Such letters provide instructions on establishing an e-account online to file the return in July. Filing can also be completed over the phone. The BWC will no longer mail paper returns. True-up returns are due August 15, which happens to be 2 weeks earlier than in previous years. When filing, if your organization owe’s money, you will pay the outstanding balance at this time. In addition, any refunds will either be applied to the following year’s installment payments or will be refunded. Employers must pay online to be eligible for the Go-Green rebate which is calculated at 1% of your premium up to $2,000.
Ohio Unclaimed Funds Returns – Due November 1, 2016
Now is also a good time to review monthly bank reconciliations for old checks which have not cleared the bank. If they are over a year old, chances are the check has been lost. Once you have checked to make sure you have not resubmitted the payment or the check has been voided, you may contact vendors or employees. A simple change of address may assist you in getting your books organized before June 30th. The sooner you start reviewing old checks and determining why they have not cleared, the easier it will be to file a negative return on June 30th.
If you have any questions, please contact William Vaughan Company.
Sandra Stone Accountant
Categories: Other Resources