As the Ohio Bureau of Workers’ Compensation (BWC) issues the latest round of dividend payments, they need to update their files to ensure they have a current W-9 tax form for your business, as this dividend may be taxable to you. (Please consult your tax adviser.) Please print and complete the W-9 form and return it to the Ohio BWC by Dec. 31, 2020. They are required by law to report the dividend to the Internal Revenue Service (IRS) and send you an IRS Form 1099-MISC in January.
You must include your BWC-issued policy number in Line 7, which asks for your account number. This will help more efficiently match your W-9 with your business.
How to send your W-9
You can send the completed W-9 form via mail or upload it online.
If sending by mail:
Ohio Bureau of Workers’ Compensation
30 W. Spring St.
Columbus, OH 43215
If you’d rather fill out the form electronically, visit the IRS website for a fillable PDF version or use the one attached to this message. You can upload the form using a special system on the Ohio BWC website. If you already have a completed electronic version, you can upload it now.
If you have any questions, please contact BWC’s customer contact center at 1-800-644-6292.
The BWC began to issue $5 billion in dividends to Ohio employers on Thursday, December 10, 2020, in an effort to ease COVID-19’s impact on the state’s business community and economy. In doing so BWC brings its total dividends this year to nearly $8 billion returned.
All told, 178,415 private and public employers covered by the State Insurance Fund are eligible for the latest dividend through a combination of checks in the mail and credits to their BWC accounts.
“We’re happy to be in the position to assist employers across the state during these challenging times,” said BWC Interim Administrator/CEO John Logue. “It’s our hope these dollars will keep businesses open and safe and people employed.”
Approximately $4.3 billion will go to private employers and $687 million will go to local government taxing districts, such as counties, cities, townships, and schools. BWC will first apply the dividend to an employer’s unpaid balance, then send a check for the rest. Employers should watch their mailboxes closely, as checks will be mailed in several batches over the next week.
The dividend follows a $1.54 billion dividend in April and one for $1.3 billion in October, both made possible by BWC’s healthy investment returns on employer premiums, a declining number of injury claims, and prudent fiscal management. The latest dividend is nearly four times the premium employers paid in policy year 2019.
For frequently asked questions, visit this page on BWC’s website.
BWC’s net position – approximately $7.2 billion after the dividend – remains strong and sufficient to support injured workers for years to come.
Funded by employer premiums, BWC provides workers’ compensation insurance to approximately 245,000 private employers and 4,000 public employers, such as cities, counties, and schools.