QuickBooks Desktop is Going Away: Now What?

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.

Canon Capital Management Group Names Chuck Porter, Jr., Co-Director of Wealth Management

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.”

Welcome the Newest Members of the Canon Capital Management Group Team

Please welcome Andrew Stein and Cherie Strozzieri, who have joined the Canon Capital Management Group team within the last few months.

Andrew SteinAndrew Stein’s financial services industry expertise is demonstrated in his advisory role with clients regarding their investments and planning, ranging from asset growth to retirement income planning. Mentoring is a priority for Andrew, who spends his time outside of work helping to facilitate local sports camps with the Fellowship of Christian Athletes.

 

 

 

Cherie Strozzieri brings extensive experience in corporate, non-profit, and private sector accounting services. She is also a Certified QuickBooks Pro Advisor. In her spare time, she enjoys spending time with family and friends as well as volunteering time to various philanthropic endeavors.

 

 

 

Learn more about our team and how they can be of service to you.

Margaret McCarthy Earns Chartered Retirement Plans Specialist Designation

Please join us in congratulating Margaret McCarthy, Client Relationship Associate at Canon Capital Investment Advisory, on earning the Chartered Retirement Plans SpecialistSM (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.

What’s New in 2024: IRS Mileage, Minimum Wage, and W4s

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.

Spreading Holiday Cheer: 48 Shoeboxes Stuffed with Love at our Operation Christmas Child Party

‘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.

QuickBooks Desktop is Going Away: Now What? Find Out at Our Webinar on January 11, 2024

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.

IRS Introduces Updated Tax Brackets and Other Adjustments for Tax Year 2024

The IRS recently announced their annual inflation adjustments for the tax year 2024. These changes include updates to the standard deduction and tax brackets.

Standard Deduction

The standard deduction will rise for both single filers and married couples filing jointly:

  • Married Couples Filing Jointly: increase from $27,700 to $29,200 ($1,500 increase)
  • Single Taxpayers and Married Individuals filing separately: increase from $13,850 to $14,600 ($750 increase)

Tax Brackets

The IRS made the following adjustments to offset inflation so that taxpayers are not placed into higher tax brackets simply due to a rise in income.

10% Bracket
Single filers: taxable income of $11,600 or less
Married couples filing jointly: taxable of $23,200 or less

12% Bracket
Single filers: taxable income between $11,601 and $47,149
Married couples filing jointly: taxable income between $23,201 and $94,299

22% Bracket
Single filers: taxable income between $47,150 and $100,524
Married couples filing jointly: taxable income between $94,300 and $201,049

24% Bracket
Single filers: taxable income between $100,525 and $191,949
Married couples filing jointly: taxable income between $201,050 and $383,899

32% Bracket
Single filers: taxable income between $191,950 and $243,724
Married couples filing jointly: taxable income between $383,899 and $487,449

35% Bracket
Single filers: taxable income between $243,725 and $609,349
Married couples filing jointly: taxable income between $487,450 and $731,199

The top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).

Earned Income Tax Credit

The maximum Earned Income Tax Credit for tax year 2024 for those qualifying taxpayers with three or more qualifying children is $7,830. This is an increase of $400 from tax year 2023.

One source, many services, the right decision.

If you have questions specific to your situation, we’re here to help. Call us at 215-723-4881 or contact us online.

Prepare Now for New Electronic Filing Requirements Coming in 2024

Walk through any retail store and it feels like we are in a rush to the finish line for 2023.

While we don’t want to fast forward through the calendar, we do want to make you aware of new electronic filing requirements taking effect January 1, 2024.

If you file W-2, 1099, or similar forms for the tax year 2023 and you are filing ten or more total forms, they must be filed electronically. This is the new requirement no matter if you are filing a single type of form or a combination of the forms that totals ten or more (e.g., seven W-2s and 3 1099s). Up until this change, the minimum threshold to trigger the e-filing requirement has been 250 forms.

We urge you to begin the registration process in November, because completion can take up to two weeks. Click here to get started.

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

Canon Capital Investment Advisory Welcomes You to IM Investing

Introducing IM Investing, a new digital wealth management platform from Canon Capital Investment Advisory.

This new tool provides clients with a hybrid approach to investing, allowing flexible, on-demand service while also benefiting from a certified research team.

Curious if IM Investing is right for you? Email us or call 215-723-4881.

Watch this short video to learn more.