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Update: Jan. 9, 2015 Another Billion Back Most rebate recipients to receive 1099 tax documents The IRS requires us to send a 1099 to all employers who received a rebate greater than $600. Starting Feb. 2, 2015, employers, vendors, etc. will be able to view details and print copies of their 1099 form here. Employers should consult with their tax professional to determine the appropriate tax treatment for the rebate. Please note: The rebate amount listed on the 1099 form may differ from the actual amount of the rebate you received from us last year. For example, an employer may receive a 1099 listing the rebate amount as $1,200, but the amount of the rebate check received was $800. The difference is due to BWC withholding outstanding balances from an employer's original rebate amount. If you need more information about your 1099 form, send us an email at BWC1099Question@bwc.state.oh.us. As previously mentioned, we encourage you to consult your tax professional with questions regarding federal tax reporting. On Aug. 13, 2014, Gov. John R. Kasich and BWC Administrator/CEO Steve Buehrer announced a $1 billion rebate to Ohio's private employers and public employer taxing districts, as well as a major new investment in worker safety research and training. (Please see the Additional resources to the right for more detailed information). Dubbed Another Billion Back, the rebate comes on the heels of 2013's $1 billion rebate for Ohio employers. Both rebates were made possible by strong investment returns in the workers' compensation fund. The plan:
The rebate, which was approved by the BWC Board of Directors at its September meeting, equals 60 percent of the employer’s annual premium. We will distribute rebate checks beginning in October. Private employers and public employer taxing districts that pay premium into the State Insurance Fund and have active, up-to-date policies will be eligible for the rebate. You can get the latest updates and workers' compensation news by following BWC on Twitter. |
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