The 26th edition of Indian Creek Foundation‘s Roll and Stroll added a new event – a 5K run. Linda Covel (Payroll Processor/Tax Preparer) participated in the 5K while her husband, Todd, cycled the 20-mile course. Brian Erkes (Wealth Management Project Coordinator) and his wife, Janice, ran the 5K as well, with Brian placing 15th and Janice 18th overall!
Read More “Canon Capital at the Indian Creek Foundation 2017 Roll, Stroll, and Run”
The first in a series of scheduled reductions to Philadelphia’s City Wage Tax take effect July 1, 2017:
Any paycheck that Philadelphia-based businesses issue with a pay date after June 30, 2017 must have Philadelphia City Wage Tax withheld at the new rate.
Read More “Payroll News: Philadelphia Wage Tax Reduction Takes Effect July 1, 2017”
You may have heard media reports about a new fiduciary rule for retirement accounts. President Trump had called for a review of this rule, just two months before it was to go into effect. Understandably, you have questions about how this might impact your accounts. The rule was designed to ensure that the recommendations made by financial advisors to their clients, regarding their retirement accounts, are always made in the best interests of the client, without any conflicts of interest.
Read More “Wealth Management News: How Our Fiduciary Standard Protects You”
We had a special visit from the class of Chuck Porter’s son, Micah. He and his fellow students from Indian Valley Nursery School & Kindergarten paid a visit to our Souderton office to learn more about what it means to be a good neighbor. They gave us a care package and some very creative ideas about what we do here at Canon Capital. Thank you for thinking of us and for brightening our day with these responses!
Every 66 seconds another American is diagnosed with Alzheimer’s Disease or another form of dementia. Currently the sixth leading killer in the United States, it is estimated that 5.4 million Americans suffer from this debilitating condition, a number that is expected to grow to 7.1 million by 2025.
We are kicking off our series of Financial Literacy seminars for 2017 on Thursday, March 30, from 3:00 to 4:00 pm at our Hatfield location with a very important and relevant presentation on the personal and financial effects of Alzheimer’s disease.
If you or someone you love is diagnosed with Alzheimer’s disease or another form of dementia, are you prepared to help them physically, emotionally, and financially?
Canon Capital CPAs would like to announce that we have successfully completed a rigorous peer review of our accounting and auditing practice. The reviewer concluded that the firm’s system of quality control for our accounting and auditing practice in effect for the year ended May 31, 2016 was suitably designed and complied with to provide reasonable assurance of performing and reporting in conformity with the stringent quality control standards set by the American Institute of Certified Public Accountants (AICPA), the national professional organization of CPAs.
Read More “Canon Capital CPAs Successfully Completes Rigorous Peer Review”
On February 7, 2017, Steve Moyer, Tax Director here at Canon Capital, was invited to attend the Bloomberg BNA 2017 Outlook on Tax Reform in Washington, DC. The keynote speaker at the conference was Kevin Brady, US Congressman and Chairman of the House Ways and Means Committee, the main tax-writing arm of the US Government. Congressman Brady spoke about the House plan, “A Better Way,” for tax reform and highlighted the key aspects of the plan, along with the proposed timing for this new Bill.
This new tax bill would be the most sweeping tax reform we have seen in the last thirty years. The last major tax reform legislation of this magnitude was the Tax Reform Act of 1986, signed into law by President Ronald Reagan. Some of the same motivations to reform the tax code thirty years ago are again at the forefront of tax reform today: the desire to simplify the Code, make it fairer, and to flatten the tax brackets. Congressman Brady spoke on the vision for making the code simpler and fairer, lowering the tax rates for both individuals and businesses, and creating a new IRS that would put taxpayers first.
We first wrote about TPR — “Tangible Property Regulations” — last year, sharing how this change in for-profit tax law created unique and unprecedented challenges during the January-April 2015 tax season. In fact, despite it being called it the “most dramatic change to for-profit tax law since the 1986 overhaul” nearly two-thirds of tax preparers didn’t even know about it.
TPR affects the three main areas of business operation: Materials and Supplies, Repairs and Maintenance, and Capitalized Expenditures. These changes are very favorable to the taxpayer, adopting a much more liberal definition of “repair” and a stricter definition of “capital assets.” This allows many more items to be expensed immediately as repairs or maintenance vs. the previous requirement that they be capitalized and written off (depreciated) over a number of years.
Learn more about TPR and how it affects your business on Wednesday, February 1, 2017, when Canon Capital’s Brent Thompson will present on the topic at the Indian Valley Chamber of Commerce’s Business Builder Breakfast, held at the Franconia Heritage Banquet and Conference Center. Breakfast is served at 7:30 a.m. with the seminar following 8:00 a.m. – 9:00 a.m. Cost is $30.00 per person for Indian Valley Chamber of Commerce members; $45 for non-members. Register online.
As always, if you have questions about how TPR affects your business, we are happy to help. Contact us or call 215-723-4881.
It’s that time of year! The Generations of Indian Valley Annual Reindeer Run hits the streets of Souderton Saturday, December 3 at 8 am. We will be there outside our Souderton location with water for the runners, many of whom will once again be wearing their reindeer antlers and favorite ugly Christmas sweater. Our own Vicki Freed will be participating in the 1K Fun Walk portion of the event. The Reindeer Run benefits the programs of Generations of Indian Valley, including their Meals on Wheels service.
