Are You Ready for Tax Season? Join us February 4, 2022 to Learn How to Best Prepare

The 2022 tax season is underway. You may be wondering if there are planning ideas you can still take advantage of for the 2021 tax year. Will there be a new tax bill that could still affect 2021 tax returns? Will there be additional business relief in response to the ongoing surge in the Omicron variant of COVID-19?

Please join us Friday, February 4, 2022, from 8:00 a.m. – 9:15 a.m. via Zoom for a session with Steven Moyer, CPA/PFS, CGMA, CSEP; Brent Thompson, CMA, CGMA, CPA; and Chuck Porter, Jr., Senior Investment Advisor as we discuss these questions and more, including:

  • COVID Relief, including Employee Retention Credits and PPP Forgiveness for business and Advance Child Tax Credits for individuals
  • Build Back Better Plan status and any new proposed legislation
  • Planning for year-end and for the 2022 tax year for both businesses and individuals
  • Business retirement plan options
  • Status of the IRS and best practices for filing your 2022 tax returns to avoid issues
  • Update on New Accounting for Lease Standards effective January 1, 2022

We are proud to be presenting this with our co-sponsor Harleysville Bank via the Indian Valley Chamber of Commerce.

This event is free of charge but you must register to receive the Zoom link. Please register here by February 2, 2022.

 

IRS Standard Mileage Rates for 2022

As of January 1, 2022, the IRS standard mileage rates for the use of a vehicle (car, van, pick-up truck, or panel truck) for business, charitable, medical, or moving purposes are:

  • 5 cents for every mile driven for business use (an increase of 2.5 cents from the 2021 rate)
  • 18 cents for every mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces (an increase of 2 cents from the 2021 rate)
  • 14 cents for every mile driven in service of charitable organizations (no change from the 2021 rate)

Keep track of your mileage throughout the year using an app like MileIQ. It could save you a headache later. We talk about the importance of tracking your mileage in this blog post.

Please don’t hesitate to call 215-723-4881 or contact us online with any questions.

IRS Issues Form W-4 for 2022

The IRS has issued the new W-4 form for 2022. The W-4 form underwent a major change in 2021. If this affected the bottom line of our 2021 tax return, we highly recommend doing a Paycheck Check-up so you can make any adjustments to your withholdings. We have a step-by-step guide available to you here.

If you have any questions about your specific situation, please always consult with your tax advisor. If you do not currently have a tax advisor, we welcome the opportunity to serve you. Please call 215-723-4881 or contact us online.

2022 Brings a Raise in the Minimum Wage in New Jersey and Delaware

Most minimum wage earners in New Jersey received a raise of $1 per hour as of January 1, 2022. The new minimum hourly wage is $13.00, part of a scaled increase that will see it rise to $15.00 by 2024. Small businesses as well as seasonal and agricultural employers are obligated to raise their minimum wages on an extended timeline. More details are available here.

State lawmakers in Delaware are also on track to achieve a minimum $15.00 hourly wage for most workers by 2025. As of January 1, 2022, the minimum wage in Delaware rose from $9.25 to $10.50 per hour.

In Pennsylvania, state employees earn a minimum wage of $12.00 per hour. Philadelphia municipal employees earn a minimum hourly wage of $14.25, which will increase to $15.00 in July 2022. Elsewhere in Pennsylvania, the minimum wage remains at the current Federal rate of $7.25 per hour.

We are here to answer any questions regarding these changes or any other concerns related to your payroll. Call 215-723-4881 or contact us online.

Canon Capital Wealth Management Achieves CEFEX Certification of Fiduciary Excellence for Fourteenth Consecutive Year

For the fourteenth consecutive year, Canon Capital Wealth Management has achieved CEFEX (Centre for Fiduciary Excellence) recertification. The CEFEX recertification assures Canon Capital Wealth Management’s continued place among an elite group of investment advisory firms certified in this global program.

CEFEX certification helps determine the trustworthiness of investment fiduciaries, providing an independent recognition of a firm’s conformity to a defined Standard of Practice as described in the handbook “Prudent Practices for Investment Advisors.” More information about the CEFEX designation is available via this brief video.

“This CEFEX certification confirms that we value the importance of having a documented investment process,” said Patricia Webb, Director of Canon Capital Wealth Management Services. “This designation allows our clients to have added confidence that our firm is monitored annually by an independent third party and that their investment strategies are being cared for in a prudent manner.“

A copy of our certification information and certificate can be viewed here.

Canon Capital Management Group Acquires Yzzi & Company, Announces New Hires in Accounting and Payroll Divisions

Canon Capital Management Group has recently acquired Yzzi and Company, a tax, bookkeeping and business advisory practice which had served clients from its Harleysville base for over 30 years. We look forward to continuing to serve Yzzi and Company’s clients, with Yzzi and Company’s founder, Nick Yzzi, working on the Canon Capital team part-time during tax season. In addition, we welcome former Yzzi and Company employee Laura Eisenschmied, who has joined us as an Accounting Paraprofessional.

“We extend a warm welcome to Yzzi and Company’s clients and look forward to providing them with excellence and care for many years to come,” said Steven Moyer, Owner & Director of Tax Services at Canon Capital. “We are glad that Nick Yzzi will remain with us on a part-time basis, and we welcome Laura Eisenschmied to the Canon family.”

We have also recently welcomed the following professionals to our team:

Blake Detwiler, Staff Accountant

A graduate of Messiah University, Blake Detwiler brings his experience in banking, accounts payable, and accounting. He has recently become a Certified ProAdvisor for QuickBooks Online (QBO) and is currently studying for the CPA exam.

Ashley Hillman – Payroll Administrative Support

Ashley Hillman is a graduate of Montgomery County Community College and Temple University who has worked as an Inheritance Specialist and as an automotive Finance & Insurance Manager.

Christopher M. McDonnell, CPA – Senior Accountant

Christopher M. McDonnell is a CPA with extensive public accounting experience. A graduate of Immaculata University, he is a member of AICPA and PICPA.

Moriah Randolph – Accounting Paraprofessional

Moriah Randolph earned her Associate of Applied Science degree in Accounting at Montgomery County Community College and is a Certified ProAdvisor for QuickBooks Online (QBO).

Andrew Shapowal, CPA – Senior Accountant & Digital Asset Specialist

Andrew Shapowal is a CPA and Messiah College graduate specializing in public accounting. A member of AICPA, PICPA, and DACFP, Shapowal is pursuing his Personal Financial Specialist (PFS) credential.

We are always glad to be of service for your accounting, wealth management, payroll, and technologies needs and are available online or via phone at 215-723-4881.

Seminar Recording: An Introduction to Blockchain, Digital Assets, & Cryptocurrencies

On Tuesday, November 23, 2021, Dr. Peter Roland presented a seminar via Zoom covering basic information about blockchain and digital assets such as the cryptocurrency called “Bitcoin.”

This emerging area is worth consideration as part of building wealth as well as anticipating future changes in our lives.

Covered topics included:

  • What is Blockchain and how will it radically change the world as we know it?
  • What are Digital Assets such as cryptocurrency and nonfungible tokens (NFT)?
  • What is the significance of Bitcoin, Ethereum, and other cryptocurrencies?
  • How can you invest in Blockchain and cryptocurrencies?
  • What is Canon Capital doing to help you with these potential opportunities?

Watch the recording of the seminar here or by clicking the image above. If you have any questions, please contact Andrew Shapowal, Digital Asset Specialist via email or via phone at 215-723-4881 ext. 159 or Dr. Peter Roland via email or via phone at 215-723-4881 ext. 200.

Join Us November 23, 2021 for a Zoom Seminar: An Introduction to Blockchain, Digital Assets, and Cryptocurrencies such as Bitcoin

You may have heard something about blockchain and digital assets such as the cryptocurrency called “Bitcoin.” It may be difficult to understand the excitement behind this technology. That’s because these topics are very new, different, and complex.

As part of pursuing opportunities in wealth management, we believe that this emerging area is worth consideration as part of building wealth as well as anticipating future changes in our lives.

We will be holding a seminar using ZOOM technology on Tuesday, November 23, 2021 from 12:00 to 1:00 p.m. entitled:

“An Introduction to Blockchain, Digital Assets, and Cryptocurrencies such as Bitcoin.”

This seminar is at an introductory level, so no prior knowledge is necessary.

Leading the seminar will be Dr. Peter Roland, Managing Director of our Wealth Management Group. He has been actively involved in the world of blockchain as a student, educator, and investor. In addition to addressing individuals at local universities and professional groups, he is part of the Government Blockchain Association’s Education Working Group, and he has a passion for helping people learn about this emerging area.

Specific topics to be addressed include:

  • What is Blockchain and how will it radically change the world as we know it?
  • What are Digital Assets such as cryptocurrency and nonfungible tokens (NFT)?
  • What is the significance of Bitcoin, Ethereum and other cryptocurrencies?
  • How can you invest in Blockchain and cryptocurrencies?
  • What is Canon Capital doing to help you with these potential opportunities?

Registration is limited to 100 attendees and is available on a first-come, first-served basis. After registering, you will receive a confirmation email containing information about joining the ZOOM meeting. Register here.

We look forward to helping you understand this exciting area.

Get Ready with our 2021 Year-End Tax Planning Breakfast Meeting

The pandemic continues to have an impact on our financial landscape, especially in tax planning. With Employee Retention Credits, PPP Loan Forgiveness, and new legislation on the horizon, how can you best prepare for your taxes in 2021?

Find out at our 2021 Year-end Tax Planning Breakfast Meeting. We’ll be joined by Steven Moyer, CPA/PFS, CGMA, CSEP; Brent Thompson, CMA, CGMA, CPA; and Chuck Porter, Jr., Senior Investment Advisor, who will present a program including updates on and the status of:

  • COVID Relief, including Employee Retention Credits and PPP Forgiveness
  • Build Back Better Plan and Proposed Legislation
  • Proactive Year-End Planning Ideas & Considerations for Businesses and Individuals
  • Enhanced Charitable Giving Options

This event is presented free of charge and takes place Wednesday, November 10, 2021, at 7:30 a.m. at the Franconia Heritage Banquet and Conference Center. Please register with the Chamber by November 5, 2021.

We are proud to be co-sponsoring this Indian Valley Chamber of Commerce event with Harleysville Bank.

Tax Relief for Victims of Hurricane Ida in Pennsylvania

Many of our friends and neighbors – perhaps even you – are still dealing with the devastation brought to the area earlier this month by Hurricane Ida.

This past week the IRS released information on providing tax relief for those affected by Hurricane Ida in parts of Pennsylvania. This currently includes Bucks, Chester, Delaware, Montgomery, Philadelphia, and York counties.

The relief postpones various tax filing and payment deadlines that occurred beginning on 8/31/21. Affected individuals and businesses now have until 1/3/22 to file returns and pay any taxes that were originally due during the relief period.

This includes:

  1. 2020 individual and business tax returns (calendar-year partnerships, S corporations, and C corporations) with valid extensions (individual tax payments were due on 5/17/21);
  2. Extended tax-exempt organization returns due on 11/15/21; and
  3. Quarterly estimated income tax payments due on 9/15/21.

As always, if you have any questions about this or any other tax-related issue, please contact us online or call 215-723-4881.