News and Events

As the calendar inches closer to July 1st, 2024, employers across the nation are preparing for a significant shift in overtime regulations. The Department of Labor’s recent announcement regarding the new overtime rule has left many businesses seeking clarity on how this will impact them.

Eligibility Expansion

One of the primary objectives of the new overtime rule is to extend overtime protections to a broader segment of the workforce. Previously, employees earning below a certain salary threshold were automatically eligible for overtime pay. However, with the updated regulation, this threshold is set to increase, including more employees within its scope.

Impact on Lower-Wage Workers

Workers earning salaries below the revised threshold will see the most direct impact. As they become newly eligible for overtime pay, they stand to benefit from increased compensation for any hours worked beyond the standard 40-hour workweek.

Adjustments for Employers

Employers, on the other hand, will need to adapt their payroll and workforce management strategies to accommodate the expanded eligibility criteria. This may involve reassessing employee classifications, adjusting compensation structures, or implementing changes to work schedules to ensure compliance with the new regulations.

Industries and Sectors Affected

While the new overtime rule applies across various industries and sectors, specific industries may feel its effects more heavily than others. Sectors with more lower-wage workers, such as retail, hospitality, and healthcare, will likely see more employees impacted by the rule change.

Our Payroll Professionals Are Here to Help

Our Payroll team is here to help you navigate the payroll-focused intricacies of this new overtime rule with confidence. Call 215-723-4881 or contact us online.

Were your employees’ tax return results not what they expected this year? Many taxpayers have had the unpleasant surprise of a tax bill instead of the anticipated refund. This is likely due to not having enough funds withheld from each paycheck.

That’s why we recommend a paycheck check-up at least once a year, whether completed at the start of the calendar year or right now, to ensure they’re withholding the right amount for the remainder of this year. Share this paycheck calculator on the IRS website to help them run their numbers and make any necessary adjustments to their W4 form.

Questions? We are happy to help. Give us a call at 215-723-4881.

What does the future hold for global equities? Here are five reasons they may defy the odds.

If you have questions about this information or would like to discuss your portfolio, we are happy to help. Call us at 215-723-4881.

Intuit has recently announced the eventual phasing out of the desktop versions of its QuickBooks accounting software. After July 31, 2024, Intuit will no longer issue new subscriptions to these QuickBooks Desktop products:

• QuickBooks Desktop Pro Plus
• QuickBooks Desktop Premier Plus
• QuickBooks Desktop Mac Plus
• QuickBooks Desktop Enhanced Payroll

Existing users of these products can continue renewing their subscriptions and will receive support and security updates after July 31, 2024. The final sunset date has not yet been shared by Intuit.

 Why move to QuickBooks Online now?

We recommend you make the move to QuickBooks Online sooner rather than continuing with your Desktop version. The advantages of working in cloud-based accounting software outweigh the learning curve.

Increased efficiency

With available online automated accounting services, the information in QuickBooks Online is timely, accurate, and always at hand. From an accounting perspective, this gives you more time to work on your business and allows your CPA to be involved at a higher level to provide guidance as needed.

Increased protection

Using the online version of QuickBooks gives you greater protection from these cyber threats:

• Data breaches: older software has inadequate safeguards to detect malicious behavior.
• Fines and denied insurance claims: Cyber Insurance onboarding questionnaires will ask if you are running any software that would be considered “end of support.” Likewise, government compliance standards all require affirming a statement that you are not running any end-of-life or end-of-support software.
• Extended downtime: due to lack of vendor support as well as data breach or corruption

A cloud-hosted application like QuickBooks Online will avoid these risks, providing:

• New features and security enhancements
• Typically have a 99.8% uptime guarantee
• Known and consistent costs for budgeting purposes
• Hardware requirements are minimal.
• Changes that are spread out over time.

Added Benefits

Making the transition from QuickBooks Desktop to QuickBooks Online is a seamless process. After creating the QuickBooks Online account, your most recent desktop data file would be migrated to the new platform. This process will take approximately 24 hours. It may take more or less time, depending on the size of the file being migrated.

After that, you can start enjoying the benefits of using cloud-based software:

• Secured Storage that Remains Compliant
• Access From Anywhere
• Faster Processing
• Centralized Tasks
• Real Time Transactions
• Integration
• Access to mobile apps for mileage, expenses, etc.

Where do we go from here?

If you’d like to learn more about using QuickBooks Online, our recent webinar provides greater detail in preparing for this change. We recommend viewing the webinar in its entirety.

One source, many services, the right decision.

If you have questions about next steps or if we can be of service, please contact us online or call 215-723-4881.

We proudly announce the promotion of Chuck Porter, Jr., to Co-Director of Wealth Management.

Chuck joined Canon Capital in 2006 and has been working as a Senior Investment Advisor. In 2018, he was admitted to the company as a shareholder.

Chuck will serve alongside Co-Director Patricia Webb in developing strategic initiatives, guiding the delivery of exceptional client service, and fostering continued growth for the Wealth Management unit.

“We couldn’t be more thrilled to welcome Chuck into this new, well-deserved role,” said Webb. “With his exceptional expertise and unwavering commitment to our clients, I am confident that his passion for our company’s success will bring new dimensions to our team and further elevate our standards.”

Porter is an Accredited Investment Fiduciary who earned a degree in Economics with an emphasis in Personal Financial Service from Widener University.  Porter has also earned a Certificate in Financial Management for the Family Office from Pepperdine University’s Graziadio School of Business and Management.

“As I step into this new role, I’m deeply committed to ensuring that our firm is positioned not only for growth but for sustained success over the long haul.  I could not have reached this milestone without the unwavering support and dedication of our remarkable team of advisors and support staff. Together, we are poised to achieve great things, and I’m excited to continue serving you with the same level of commitment and care,” said Porter.  “I also want to assure my clients that this promotion doesn’t equate to a change of advisor for them. I remain dedicated to serving in an advisory capacity, just as before.”

Please join us in congratulating Margaret McCarthy, Client Relationship Associate at Canon Capital Investment Advisory, on earning the Chartered Retirement Plans Specialist^SM (CRPS®)  designation.

This designation, awarded by the College for Financial Planning, demonstrates McCarthy’s expertise in retirement plan design, installation, and maintenance for businesses, non-profit organizations, and government entities of all sizes.

Her continued commitment to excellence will undoubtedly benefit our clients as they work toward their retirement goals.

For more information about the CRPS® designation and its significance, please visit the College for Financial Planning’s website.

For inquiries about or assistance with retirement planning, feel free to contact us online or call 215-723-4881.

Welcome to 2024. Let’s look at what’s new for IRS mileage rates, your form W4, and the minimum wage.

IRS Mileage Updates for 2024

The IRS issued new standard mileage rates taking effect starting January 1, 2024:

• 67 cents for every mile driven for business use (an increase of 1.5 cents from 2023)
• 21 cents for every mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces (a one-cent decrease from 2023)
• 14 cents for every mile driven in service of charitable organizations (rate is unchanged from 2023)

Avoid the guessing game and consider using an app like MileIQ to keep track of your mileage throughout the year.

Check Your W4

It’s always a good idea to start each new year with a Paycheck Check-up to make sure your withholdings are set at the appropriate level. Doing so will help avoid any unpleasant surprises at tax time. Download the 2024 form W4 here.

Minimum Wage Updates for People Employed in New Jersey and Delaware

The minimum wage for qualifying employees in New Jersey will increase from $14.13 to $15.13 per hour. Consult this resource from the New Jersey Department of Labor for further information.

The minimum hourly wage in Delaware continues its incremental increase, with the 2024 amount increasing from $11.75 to $13.25, with continued exemptions for employees working in the following areas:

• Agriculture
• Domestic service in private households
• United States Government employees
• Sales personnel receiving outside commission
• Executives, Administrators, and Professionals
• Employees in fishing and fish processing (while at sea)
• Volunteer workers for educational, religious, or non-profit organizations
• Junior Camp Counselors working for non-profit summer camps
• Inmates in Department of Correction work programs

The protocol for tipped employees also remains as follows:

“The minimum cash wage payable to employees who receive tips is $2.23 per hour. Tips may not be taken or retained by an employer except as required by law. Tip pooling is permitted (under certain circumstances) in an amount not to exceed 15% of the actual tips received by the employee.”

We’re Here to Help

If you have any questions about these updates or any other payroll or accounting matter, please don’t hesitate to call 215-723-4881 or contact us online.

‘Tis the season for our annual Operation Christmas Child project. Members of our Canon team spent their lunch breaks participating in a shoebox stuffing party. We packed 48 total boxes of toys, necessities, and other surprises to delight children in need this holiday season. Special thanks to Linda Covel from our Payroll and CPA business units who not only set up our project, but she also serves year-round as a volunteer for Operation Christmas Child.

Intuit, the owner of QuickBooks, is accelerating the sunset of QuickBooks Desktop versions. This will have a major impact over the coming year on anyone using these desktop versions of the software.

Please plan to join us Thursday, January 11, 2024, when Canon Capital team members Brent Thompson, Craig Covington, and Cherie Strozzieri will present QuickBooks Desktop users with options for this transition, including:

• Making the move from QuickBooks Desktop to QuickBooks Online.
• The transition, functionality, and integration of QuickBooks Online and the future of efficient, automated, accounting services.
• Latest trends in accounting program integration and automated accounting services.
• The broader technical implications of online security, acceptable use policies, and business continuity issues that come with utilizing online programs.

This presentation is not exclusive to Canon Capital clients. Please feel free to share this opportunity with those who you feel will benefit from this information.

If you are a Canon Capital client, we ask that you please consult with a member of our Canon Capital team prior to making any changes to your current QuickBooks set-up so we can ensure a smooth transition.

Register for the webinar here. The registration deadline is Tuesday, January 9, 2024. After registering, you will receive a confirmation email containing information about joining the meeting.