Starting July 1st, 2020, the BWC reduced every employers payroll by 20%. They did so under the assumption that all employers experienced slow-downs, lay-offs and closures during the initial impact of COVID-19 on Ohio businesses. However, they did not confirm these reductions with policyholders and we know that not all businesses experienced a decrease.This reduction might result in an unexpected True Up balance July. True Up is a process required by Ohio BWC at the end of each policy year, where your premiums based on projected payroll are balanced with premiums based on your actual payroll for the past year. Compliance with both the reporting and payment of any balances affects your companys eligibility for most savings programs. If your actual payroll was higher than projected, you will be expected to pay that balance to Ohio BWC no later than August 15th. If you are unable to pay the lump sum at that time, please note that any future premium installments will first be applied to your
If so, you should experience the Surety HR difference. Spooners sister company Surety HR offersa customized payroll service that caters to the clients wants and needs. The result is a payroll support team that knows your business and will excel at meeting your payroll needs. Our payroll service includes: Payroll processing with a full service payroll specialist customer service rep Payroll tax specialists offering compliance support with Federal, State, Local and other authorities Detailed reporting options General Ledger support and consultation ACA support, reporting and consultation Employee self-service for paystubs and W-2s Please email Brian Davis if you have any questions. Brian can be reached at email@example.com.