New BWC Reporting
May 29, 2015
All companies with a BWC account will receive notices early in June regarding the changes made to BWC reporting. BWC is changing to prospective billing (forward billing) instead of billing in arrears. This change is effective July 1, 2015. The default billing for BWC going forward will be bi-monthly (6 payments per year) and it will be based on the prior year payroll. The first payment due June 30th will be paid by BWC. The first payment required for each employer will be due August 30th.
You will only be required to file a BWC report once per year. The return will cover the time period July 1 to June 30 each year. The actual payroll incurred during that fiscal year will be compared against the prior payments made and difference will be due or refunded. The BWC reporting period for Jan 1, 2015 to June 30, 2015 will still be calculated on the old schedule and needs to be reported to BWC, but NO payment is due.
Please note the timelines below.
• Prepare and file 1st Half 2015 report as normal. NO Payment Due.
• First payment for Fiscal Year 7/1/15 to 6/30/16 due June 30. NO Payment Due
• Second payment for Fiscal year end 6/30/16 due August 31, 2015.
• Third payment for Fiscal year end 6/30/16 due October 31, 2015.
• Fourth payment for Fiscal year end 6/30/16 due December 31, 2015.
• Fifth payment for Fiscal year end 6/30/16 due February 28, 2016.
• Six payment for Fiscal year end 6/30/16 due April 30, 2016.
• First Payment for Fiscal Year end 6/30/17 due June 30, 2016
• Prepare and File Fiscal Year report (7/1/15 to 6/30/16) make any true-up payment by Aug 15, 2016
If you have questions, please call our office.