We’re proud to announce that Moriah Randolph has earned her certification from the National Association of Certified Public Bookkeepers (NACPB).
This certification reflects Moriah’s commitment to excellence in bookkeeping and her dedication to providing our clients with precise, dependable financial management.
Congratulations, Moriah, on this well-deserved achievement!
We recently wrapped up our second annual Pack-a-Shoebox Party for Operation Christmas Child, an organization dedicated to bringing hope, joy, and the message of love to children around the world through simple gifts.
Thanks to the enthusiastic efforts of our team, we packed an incredible 53 shoeboxes filled with toys, hygiene items, and school supplies. These boxes are on their way and will soon brighten the lives of children in need, reminding them that they are cared for and not forgotten.
A huge thanks to everyone on our Canon Capital team who participated and contributed to this heartwarming cause. Here’s to making an impact—one shoebox at a time.
UPDATE
On December 3, 2024, a Texas Federal Court granted a nationwide preliminary injunction against the Corporate Transparency Act. The court cited potential constitutional issues with the CTA BOI reporting and felt there was enough injury to warrant this preliminary injunction.
This injunction brings welcome relief to many of the approximately 32.6 million companies working through the filing. The preliminary injunction alleviates the immediate reporting requirements until the constitutionality issue can be settled in courts—most likely the Supreme Court.
Given the commencement of a new administration in 2025, the reporting regulations may be withdrawn or modified next year, or they could be found unconstitutional.
Businesses and individuals that have already filed do not need to take any further action. Those who have not filed are no longer obligated to do so at this time.
As always, we will keep you updated in 2025 when more information becomes available.
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If you’re a small business owner, you may not be aware of a new reporting requirement that could impact your company: the Beneficial Ownership Information (BOI) filing under the Corporate Transparency Act. Overseen by the U.S. Treasury, this obligation applies to most small businesses registered with a secretary of state or similar office.
Here’s what you need to know to stay compliant and avoid potential penalties:
What Is the BOI Reporting Requirement?
Unlike tax filings submitted to the IRS or state authorities, BOI reporting is required by the Financial Crimes Enforcement Network (FinCEN) under the U.S. Treasury. The goal is to enhance corporate transparency and combat illicit activities, such as money laundering.
Deadlines to File
Legal Challenges and Potential Delays
Currently, there is ongoing confusion surrounding BOI filing requirements, driven by court cases and proposed legislation. While some lawmakers are pushing to delay the filing deadline, there’s no certainty that such measures will pass during the post-election “lame duck” session. Given the substantial fines for non-compliance, we recommend filing sooner rather than later.
How to File
The online filing process is straightforward:
Need Assistance?
The team at Canon Capital CPAs is here to answer any questions you may have about the BOI reporting requirement.
With the holiday season approaching, many businesses are considering how to show appreciation to their employees. While thoughtful gestures like gift cards, holiday parties, or personalized presents can boost morale, it’s essential to understand their tax implications. Depending on what you give, the IRS may classify your gift as taxable income to your employees.
Gift cards are always considered taxable income, regardless of the amount, because the IRS views them as equivalent to cash. Gift items like a company-branded mug or a holiday fruit basket may qualify as non-taxable as they are given occasionally and are relatively low in value.
Bonuses—while appreciated—are always considered taxable income, so it’s essential to plan for withholding when issuing them.
A popular option to reward your team and boost morale is to host a holiday party. Expenses for this type of event are generally non-taxable to employees since the event is infrequent and primarily for the benefit of the team.
Our tax and accounting professionals are here to help businesses navigate these IRS guidelines as they seek to show gratitude to their hard-working employees at the holidays and throughout the year.
Two of our Canon Capital Management Group team members have recently achieved significant milestones in their professional development.
We are proud of Chris and Amanda for their hard work and commitment to excellence. Please join us in congratulating them.
Chris McDonnell Achieves AI Certification for Accountants
Chris McDonnell, CPA, CAIA has earned a certification in AI for Accountants, equipping him with cutting-edge skills to leverage artificial intelligence in financial processes.
With this advanced knowledge, Chris will lead our team in offering even more innovative and efficient accounting solutions, ensuring our clients stay ahead of the curve.
Amanda Spengler Earns NACPB Certification
Amanda Spengler has achieved her Bookkeeping Certification from the National Association of Certified Public Bookkeepers.
This accomplishment highlights Amanda’s dedication to maintaining the highest standards of accuracy and integrity in managing our clients’ financial records.
These achievements reflect our ongoing dedication to the clients we are privileged to serve.
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:
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:
A cloud-hosted application like QuickBooks Online will avoid these risks, providing:
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:
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.”
