We Are Hiring! Immediate Need for a CPA Manager

Looking for a new challenge? Tired of the long commute to that large accounting firm in Philadelphia? Eager for that next step in your career to firm leadership?

Or perhaps you have a trusted colleague, family member, or friend who is considering a new opportunity? We are currently offering a $1,000 referral bonus to you should we hire the person you refer to us.

If you or someone you know are in search of a new opportunity in an environment where going above and beyond and having a desire to benefit our community by serving our clients well is the norm, let’s see if you/they would be a good fit for our CPA Manager position in our Harleysville office.

We are seeking a manager/leader who is a clear communicator, curious, adaptable, personable, collaborative, and above all, self-motivated. These qualities are imperative in meeting our expectations for the quality of service required by our commitment to our clients, but they are also necessary in providing leadership to our staff. The successful candidate for this position will be viewed as having a fast-track to partner status.

We provide the usual services but going over and above basic compliance is our goal. We interact on a regular basis with our small business clients, meeting throughout the year to provide consulting and other services. We are also pleased to work with a wide array of not-for-profit clients who better our community every day. Internally, we offer a friendly work environment with an emphasis on work-life balance tailored to each person’s goals and expectations. If that sounds inviting, and you think you have something to contribute to our firm, apply today with salary requirements as well as a cover letter telling us something about yourself that makes you the right person for this position.

Job Type: Full-time

Pay: $75,000.00 – $100,000.00 per year

Education: Bachelor’s (Required)

Licensing: CPA (Required)

Experience:

  • Minimum 5-7 years of recent public accounting experience; A&A (preferred) or both A&A and tax
  • Proficiency in QuickBooks and Microsoft Office; QuickBooks ProAdvisor a plus, not required
  • Proficiency with Thomson Reuters UltraTax and accounting products a plus, but not required
  • Personnel management a plus, but not required

This Job Is Ideal for Someone Who:

  • Demonstrates a high degree of independent judgment
  • Possesses the ambition to embrace opportunities that present themselves
  • Excels at providing quality work in a timely and accurate manner
  • Exercises excellent communication skills, both written and verbal, in any setting
  • Multi-tasks, meets required deadlines, and works effectively as part of a team
  • Shows strong technical, analytical, and organizational skills
  • Thrives in a relatively high-pressure environment and can make frequent shifts as the job demands
  • Knows how to manage and develop staff, giving regular feedback and guidance

Responsibilities will include:

  • Providing A&A services using Thomson Reuters accounting products for compilations, reviews, and audits of not-for-profits and for-profit businesses in varied industries.
  • Providing tax services using Thomson Reuters UltraTax for Forms 706, 709, 990 series, 1040, 1041, 1065, 1120 series, and multi-state and local returns, with Thomson Reuters accounting product integration
  • Taking responsibility for planning and executing client engagements as assigned, delegating work to staff, reviewing that work, and training as necessary
  • Managing personnel as assigned, including annual reviews and interim monitoring as needed
  • Other projects as they arise

Benefits Offered:

  • Flexible work schedule
  • Referral bonus program
  • Paid time off
  • Health insurance
  • Dental insurance
  • Life insurance
  • 401(k) retirement plan
  • Flexible Spending and Dependent Care Accounts
  • AICPA/PICPA dues and CPE costs
  • Educational and professional designations reimbursement

Schedule: Monday to Friday, additional tax season hours from January to April 15

Email resume and cover letter to hresources@canoncapital.com

Non-Resident Philadelphia Wage Tax Increases on July 1, 2020

The Philadelphia Wage Tax for non-resident employees will increase beginning Wednesday July 1, 2020.

Any paycheck issued with a pay date after June 30, 2020 must withhold the Philadelphia City Wage Tax at this new rate for non-resident employees: 3.5019% (.035019), an increase from 3.4481% (.034481).

The Wage Tax for Philadelphia residents remains at 3.8712% (.038712).

If you have questions about this issue or any other item related to your payroll, please call 215-723-4881 or contact us online.

Make Time for Tech Tools

For every tech tool available to you, there is also the consideration of the time it will take to set up and begin using it. The key is to find the tool that is right for your current needs.

Here are several tech tools we recommend, especially as many companies continue their work from home plans.

Quality Communication Devices

Something as simple as a $15 headset and a $30 webcam from Amazon can make a world of difference in the quality of your communication with co-workers and clients versus using the mic and camera built into a laptop or just using your cell phone.

Communication Apps

No matter which one you choose — Slack, Microsoft Teams, etc. — being able to communicate quickly with your team helps increase a sense of relationship and allows for continued efficient group work.

Security

Establish a set of security items – especially when employees are working on public WiFi or unknown personal networks. This could be using a VPN, turning on multifactor authentication, upgrading antivirus and antimalware programs, requiring the use of a password manager, or a combination of these and other security items.

Status Boards

The use of an In/Out or status application or website helps the entire company easily see whether someone is ‘in’ or not. This is especially useful if your team is completely or partially remote, has flexible schedules, or if there are individuals who don’t work every day/all day.

Phone App

Even if your business phone provider doesn’t have their own mobile app that employees can install on their smartphone to manage work calls, there are free third-party apps, like Bria and GrandStream Wave, which work with many different providers to allow employees to keep work and personal calls separate.

If you would like more information on any of these tools, or if you have a specific situation you would like to discuss, contact Craig Covington at 215-723-4881 x129 to arrange for your free Technology Review.

SBA and Treasury Release Revised Forgiveness Applications for PPP Loan Forgiveness

Yesterday afternoon, the SBA released a revised forgiveness application, Form 3508 (Form 3508 Instructions), and a new “EZ” (EZ Form Instructions) application requiring less documentation. Both of these forms incorporate changes made by the recently enacted Paycheck Protection Flexibility Act (Click here for more information on the recent rule changes.).  The new EZ application can be used by any borrower meeting any of the following criteria:
  •  Are self-employed and have no employees, OR
  • Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (except those employees who refused a written offer to return to work at the same rate and hours), OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25 percent
A few immediate important observations on this release:
  1. For a sole proprietor, the “compensation” eligible for forgiveness is capped at $20,833.  This in essence guarantees full forgiveness for these individuals that do not have employees.
  2. There are new provisions for self-employed individuals who have employees.
  3. As suspected, they did increase the salary limit from $15,385 to $46,154 per employee, which reflects the new 24-week period.
  4. Health insurance costs for S-corporation owners cannot be included when calculating payroll costs; however, retirement costs for S-corporation owners are eligible costs.
  5. Safe harbors for excluding salary and hourly wage reductions can be applied as of the date the loan forgiveness application. Therefore, borrowers do not have to wait to December 31 to apply for forgiveness
Perhaps most importantly, the application kept the FTE reduction quotient as being applied against total costs incurred over the 24 weeks vs. the forgivable costs based on the loan amount. Thus, with total costs over a 24-week period vs. an initial 10-week borrowing capacity, it seems to reason that most businesses should be able to afford a significant reduction in FTE count – even if they can’t meet the safe harbor at any point later this year.
All of this is good news and seems like most small business borrowers will have their entire loan forgiven. Of course, all the calculations have to be done, and reports generated, but we will have time. Banks will not be ready to take applications for a number of weeks yet, so there is no immediate rush to complete the applications.
As you would suspect, significant questions remain and significant guidance has yet to be released. We will provide additional information as it becomes available. In the meantime, if you have any questions, please don’t hesitate to contact us via email or phone at 215-723-4881.

COVID-19 Concerns and the Market: A Historical Perspective

The uncertainty that COVID-19 has brought to so many aspects of our lives is real. You may have been tempted to make some changes to your portfolio based on the volatility of the market during this time. While this particular coronavirus is new, we do have the advantage of knowing how the market has responded and regained its strength when faced with previous global health crises. Take a moment to read this brief overview for a complete perspective.

As always, we are happy to discuss any questions you may have or to review your portfolio. Call 215-723-4881 to schedule an appointment with your advisor.

“Paycheck Protection Program Flexibility Act – What We Know as of 6/11/20” – Seminar Recording

The “Paycheck Protection Program Flexibility Act of 2020” was signed into law on June 5, 2020. This seminar, co-presented on June 11, 2020, by Steven Moyer, CPA, PFS, CGMA, CSEP – Owner and Director of Tax Services and Brent Thompson, CPA CMA CGMA – Director and Manager, provides more information on how the law affects your PPP loan forgiveness, including these key provisions:
  • Changing the 8-week covered period to 24 weeks
  • Changing the payroll ratio test from 75/25 to 60/40
  • Providing a longer time to restore your full-time equivalents
  • Providing new relief for businesses that can not open due to a government order

Watch the recording of the seminar and access a PDF copy of the presentation.

If you have any questions, please contact us online or via phone at 215-723-4881. We will continue to issues these updates as information becomes available.

Additional PPP Loan Forgiveness Guidance Released on May 22, 2020

As you may be aware, more guidance for the PPP loans was released on Friday, May 22, the day after our webinar on the release of the initial guidance. The following are the items of note that were included in this most recent guidance:
  • If you are paying employees that are not working – you, the borrower, can establish the schedule. (Canon Comment: We would try and base it on some average if possible.)
  • Bonuses and hazard pay are allowed. (Canon Comment: We would still shy away from arbitrary bonuses if possible. If there’s a business reason, or it’s standard this time of year, then go for it. Otherwise, we think there are better optics for using hazard pay.)
  • Owner employees’ total forgiveness is capped at the lesser of 8/52 of 2019 compensation or $15,385.
  • Corporate owner retirement and health insurance are indeed part of the forgivable amounts. Note – general partners or self-employed do not have additional forgiveness for these amounts. Their forgiveness is based on self-employment income, which already include these.
  • Non-payroll costs can be PAID OR INCURRED. Thus, you may have three sets of utility bills, rent payments, etc. in your 56-day period. There will also be payments after your 56-day period that were INCURRED DURING your 56-day period. You’ll have the opportunity to deduct these if they are paid by their next normal billing cycle.
  • Borrowers will not be doubly penalized for the salary/wage reduction related to FTE reduction. That is, if you cut a 40 hour person to 20 hours, but kept their hourly pay rate steady, you won’t get dinged for both the FTE reduction and the wage reduction. (Canon Comment: We are not sure how this works with the existing application. We are guessing this will be another “off-application” adjustment allowed – as long as it’s documented.)

Please also be aware that both the House and Senate are working on and are close to passing changes to the PPP Loan Program. Some items of note are to extend the 8-week period, extending the loan amortization period, and possibly scrapping the 75/25 percent test. So, stay tuned…

In the meantime, if you have any questions, please contact us via phone at 215-723-4881 or via email.

“PPP Loan Forgiveness – What We Know as of 5/21/20” Seminar Recording

The long-awaited guidance on the CARES Act Payroll Protection Act (PPP) has been released. This seminar, co-presented on May 21, 2020, by Steven Moyer, CPA, PFS, CGMA, CSEP – Owner and Director of Tax Services and Brent Thompson, CPA CMA CGMA – Director and Manager provides details on what we know to be certain about the guidance at this moment.

Watch the recording of the seminar and access a PDF copy of the presentation.

Here is a PDF of the PPP Loan Forgiveness Application.

As always, please contact us online or via phone at 215-723-4881 with any questions. We continue to provide updates to this and other CARES Act guidance as information becomes available.

Eight Reasons to Outsource Your Payroll

If you are working in-house as a bookkeeper or are running your own business, we know that you are already busy with the daily demands of your position. If processing your company’s payroll is among your responsibilities, we are here to bring you relief.

Here is why you should outsource your payroll:

  • It saves time.
    If your company does not have a dedicated payroll department, chances are it is a task assigned to you in addition to your current work. If you are running your own business, you would probably rather be working on growing your business instead of processing your payroll.
  • It saves money.
    Outsourcing your payroll saves money in many ways. Taking it off your plate frees you up to do the work you are meant to do. You will also lessen the risk of missing critical deadlines, which could result in penalties.
  • It provides convenience and value to you and your employees.
    From direct deposit and an online employee portal to tax filing and reporting, the efficiency of outsourcing your payroll provides value to you and your employees.

At this point, you are likely thinking, “That sounds great, but why should I outsource our payroll to you, Canon Capital?”

Why You Should Choose Canon Capital Payroll Services

  • Customization
    We fully customize your payroll to suit your company’s size and specific needs.
  • You don’t know what you don’t know.
    You have your expertise; we have ours. At Canon Capital Payroll Services, it is our responsibility to know about the updates affecting taxes and human resources that impact your payroll.
  • Responsive Service
    We can answer your questions quickly and be responsive to your unique needs, thanks to our payroll professionals and the support of our Certified Public Accounting and Technologies departments.
  • Added Value
    We provide services that are not always available with other payroll groups, such as withholding and reporting local and LST taxes.

We also offer these optional add-on services:

  • 1099 Payments
  • 1096 Annual Preparation
  • New Hire Reporting
  • FICA Tip Credit Report
  • Workers Compensation Report
  • Labor Distribution Report
  • General Ledger Report
  • Vacation/Sick Accrual Report
  • 401(k) Report
  • Check Reconciliation Report
  • Certified Payroll Report
  • Customized Reports
  • Direct Deposit Service
  • Vacation/Sick Accrual Tracking
  • Job Costing/Labor Allocation
  • Check Signature
  • Checking Stuffing
  • QuickBooks GL Interface

Canon Capital Takes the Hassle Out of Payroll

Conversion to our payroll service is simple and you will find that our comprehensive, easy-to-read reporting is thorough.

In short, outsourcing your payroll to Canon Capital Payroll Services saves you time, money, and stress.

Ready to learn more? Send a note online or call 215-723-4881 so we can begin customizing a payroll plan for your business.