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Don’t be surprised by Ohio Workers Comp Premium Adjustments
Aug 18, 2020
In an effort to reduce the burden to businesses during the COVID-19 pandemic, the Ohio Bureau of Workers Compensation has taken action that will result in lower advance premium payments during 2020. However, this action could result in a “true-up surprise” in August 2021.
In determining advance premium payments, BWC has automatically reduced wages for the 2020 premium year by 20%. While this may ease cash flow for this premium year, a significant true-up payment to Ohio BWC will be required to be made in August of 2021 if your company has not experienced a corresponding decline in wages.
Action Required
If you are projecting that your wages will decline 20% or more for the 2020 calendar year, we recommend taking no action. However, if you have not had a significant decline in your wage base and desire to not have a significant true-up payment in 2021, you can contact the Ohio BWC to have your estimated annual premium adjusted. Ohio BWC can be contacted from 7:30 AM to 5:30 PM Monday through Friday at 1-800-644-6292. Additionally, your service team at Kirsch can contact Ohio BWC directly to have this adjusted.
Please contact Hannah Bowling at Kirsch CPA at 513.858.6040 if you have additional questions.
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