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!
News and Events
The Alzheimer’s Tsunami: Preparing for the Worst: Financial Literacy Seminar with Jack Broyles
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.
2017 Financial Literacy Seminars Begin March 30, 2017 with The Alzheimer’s Tsunami: Preparing for the Worst
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 Successfully Completes Rigorous Peer Review
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”
Tax Reform Outlook for 2017
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.
What is “TPR” and What You Need to Know: Indian Valley Chamber of Commerce Business Builder Seminar
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.
Generations of Indian Valley’s Reindeer Run Returns Saturday, December 3
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.
Breaking News on Recent Updates to Payroll Rules and Regulations
This day before Thanksgiving brings new developments regarding anticipated changes in payroll rules and regulations.
The Overtime Rule
We recently shared the news that new payroll regulations going into effect December 1, 2016, would raise the salary threshold for overtime pay. Yesterday, a federal judge in the U.S. District Court for the Eastern District of Texas halted this new overtime rule while proceedings continue in a lawsuit filed against it. Until a final decision is reached, employers may continue to follow the existing overtime rule. The Society for Human Resource Management has the complete report here.
Pennsylvania/New Jersey Payroll Tax Change Reversal
Governor Chris Christie has reversed his decision to end the reciprocal payroll tax agreement between New Jersey and Pennsylvania on December 31, 2016. The new arrangement would have made Pennsylvania residents working in New Jersey subject to New Jersey income tax and New Jersey residents working in Pennsylvania subject to the Pennsylvania income tax.
With this reversal, the 40-year-old reciprocal agreement, which allows commuters to pay income tax to the state where they live instead of the state where they work, will remain intact.
If you have any questions about these new developments or other payroll concerns, please contact us. We are here to be your guide.
Payroll Tax Changes on the Horizon for Pennsylvania and New Jersey Employers and Residents
UPDATE 11/23/16: Governor Chris Christie has reversed his decision on this matter. Read this post for full details.
Several rules and regulations have recently been passed that will affect payroll. New Jersey has ended a nearly 40-year-old reciprocal tax agreement with Pennsylvania effective December 31, 2016. The agreement allows commuters to pay income tax to the state where they live, rather than the state where they work.
Effective January 1, 2017, Pennsylvania residents working in New Jersey will be subject to New Jersey income tax. Similarly, New Jersey residents working in Pennsylvania will be subject to the Pennsylvania income tax.
Pennsylvania Employers of New Jersey Residents
- You must withhold Pennsylvania income tax for any employee working in Pennsylvania.
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You can no longer accept the REV-419, Employee’s Non-Withholding Application Certificate from New Jersey residents.
- You are not required to register with New Jersey as an employer. However, your employees may ask you to voluntarily withhold New Jersey income tax so they may not need to make estimated quarterly tax payments to New Jersey starting in 2017.
For more information on employer registration, visit the New Jersey Division of Revenue and Enterprise Services’ website or call its Business Services Office at 609-292-9292.
New Jersey Employers of Pennsylvania Residents
- You must withhold New Jersey income tax for any employee working in New Jersey.
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You can no longer accept New Jersey Form NJ-165, Employee’s Certificate of Non-residence in New Jersey, from Pennsylvania residents.
- Your employees may ask you to voluntarily withhold Pennsylvania income tax so they may not have to make estimated quarterly tax payments to Pennsylvania starting in 2017.
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New Jersey requires that you provide Form NJ-W4 to your employees.
- To begin withholding Pennsylvania income tax, register for a Pennsylvania employer withholding tax account by completing the PA100 Registration Application.
- If you no longer withhold for Pennsylvania, you must cancel your Pennsylvania employer withholding account effective Dec. 31, 2016. You can cancel electronically using the enterprise maintenance feature on the e-TIDES website or by mailing a completed REV-1706 Business/Account Cancellation Form to the PA Department of Revenue. Remember to file any remaining 2016 remittances or returns to satisfy your filing obligations.
ADDITIONAL INFORMATION
A flier is available that you can print and post to inform employees of this important tax change. Additional information for employees is available from the PA Department of Revenue at revenue.pa.gov and the NJ Division of Taxation at njtaxation.org.
We are always here to answer any questions or address concerns. Contact us or call 215-723-4881.
Join our Best Year-End Tax Strategies & Tips Seminar via Webinar
Our fourth Financial Literacy Seminar — Best Year-End Tax Strategies and Tips — begins in just over one hour, at 3:00 pm, and we’d like to invite you to join us via Webinar.
It’s as simple as clicking this link from your computer, tablet, or smartphone.
You can also access the seminar via phone: 646-749-3112. Access Code: 633-504-845.
This seminar is geared toward individuals who wish to learn about and make use of tax savings strategies for the current year.
You’ll learn:
- Strategies to minimize taxes for the 2016 calendar year
- Tax law changes affecting 2016 returns
- Possible changes based on political party taxation policies
We hope you’ll find this informative and helpful as the close of another year approaches.