Canon Capital Wealth Management Achieves CEFEX Certification of Fiduciary Excellence for Thirteenth Consecutive Year

We are honored to announce that Canon Capital Wealth Management has successfully achieved CEFEX (Centre for Fiduciary Excellence) recertification for the thirteenth consecutive year. This designation places Canon Capital Wealth Management in an elite group of investment advisory firms that are certified in this global program.

“Our CEFEX certification means that we understand the importance of having a documented investment process, allowing our clients to have confidence that their investment strategies are being prudently organized, formalized, implemented, and monitored,” said Dr. Peter Roland, Managing Director of Canon Capital Wealth Management & Family Office Services. “Additionally, this certification ensures that our firm is monitored annually by an independent third party, which effectively helps our clients manage their fiduciary obligations.”

CEFEX is an independent global assessment and certification organization, working closely with investment fiduciaries and industry experts to provide comprehensive assessment programs to improve risk management for institutional and retail investors. CEFEX certification helps determine the trustworthiness of investment fiduciaries, providing an independent recognition of a firm’s conformity to a defined Standard of Practice as described in the handbook “Prudent Practices for Investment Advisors.”

According to the Managing Director of the Centre for Fiduciary Excellence, Carlos Panksep, “Maintaining certification requires continued adherence to the industry’s best practices, which is verified through our annual renewal assessment.”

The standard is substantiated by legislation, case law, and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), the Investment Advisor’s Act of 1940, Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Uniform Management of Public Employee Retirement Systems Act (MPERS) in the U.S.  A full copy of the standard can be downloaded from CEFEX at www.cefex.org/advisor.

A copy of our certification information and certificate can be viewed here.

Computer Recycling Program

In an effort to support our environment, provide our customers with a cost-effective, easy way to dispose of their unused computer equipment and comply with local equipment disposal laws, we are announcing a new computer equipment recycling program. Here’s how it works:

At your request, we will recycle your used computer equipment for you. Computers will have their hard drives rendered inoperable (so that there is no possibility of anyone extracting data from them). We will then transport your equipment to a certified computer equipment recycling center for proper disposal.

To encourage as much participation in this program as possible, we are keeping the fee for this service to a minimum. To have your computers recycled, simply:

  1. Complete the form below, indicating the quantity of each item to be recycled
  2. Drop your equipment off at our office (along with this form), or give your equipment to one of our staff persons when they are at your office for another engagement
  3. We will send you an invoice for the service fee

Computer Equipment Recycling Program (PDF)

Elm Terrace Gardens Technical Support Request

Canon Capital Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.

Services: Let’s Get Started

Accounting

Our team of certified public accountants, certified management accountants, and chartered global management accountants work with you to understand your goals – personal and business.

Payroll

You didn’t start a business to run a payroll company. We stay up-to-date on the latest tax rates and payroll practices so you don’t have to. Our efficient, cost-effective payroll services allow you to continue working on your business goals.

Wealth Management

We work with business owners and personal investors to provide unbiased advice and clear expectations on investment choices.  We work with companies to develop successful retirement plans, such as 401(k) and 403(b) plans, helping employees reach their retirement goals.

Technologies

We take the worry out of your computer system management. From cyber threat management to data back-up, we work with you to address your concerns and make sure your systems are working for you.

Craig Covington

Owner & Technical Consultant

Craig serves as a Technical Consultant on the Canon Capital Technologies team, guiding business clients through all aspects of Managed IT Services, Network Security, Data Backup & Recovery, and Help Desk Support. He was admitted to the company as a unitholder (owner) in 2019 and leads sales and marketing for the Technologies business unit. He has a business degree from Delaware Valley College and an MBA in Marketing from LaSalle University.  Prior to joining Canon Capital in 1998, Craig worked as a general manager of a car wash, as a controller of a heavy equipment company, and as a senior technician for a major home improvement company.  Craig is a Microsoft Certified Professional.  Craig also serves as executive director of Healthy Neighbors International, a non-profit medical missions organization serving in Nicaragua. Craig resides in Doylestown with his wife and has four children. He enjoys spending time with his family.

I’ve Been Working My Philadelphia-based Job from Home in the Suburbs. Do I Need to Pay Philadelphia Wage Tax?

The City of Philadelphia has issued guidance for employees working for Philadelphia-based organizations who have been required to work from their homes outside of Philadelphia due to the COVID-19 pandemic. The key word being “required.” It states:

The City of Philadelphia uses a “requirement of employment” standard that applies to all non-residents whose base of operation is the employer’s location within Philadelphia. Under this standard, a non-resident employee is not subject to the Wage Tax when the employer requires him or her to perform a job outside of Philadelphia including working from home.

 

A non-resident employee who works from home for his or her convenience is not exempt from the Wage Tax – even with his or her employer’s authorization. On the other hand, if a Philadelphia employer requires a non-resident to perform duties outside the city, he or she is exempt from the Wage Tax for the days spent fulfilling that work.

If your Philadelphia-based employer continues to withhold Philadelphia Wage Tax from your paycheck while you are required to work from your home located outside of Philadelphia, you can request that they stop this withholding until you stop working from home due to the COVID-19 pandemic.

At the end of the 2020 tax year, you will be able to file for a Philadelphia Wage Tax refund. The application form is available here.

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

The Latest on PPP Loan Forgiveness

As you are probably aware, many banks have been promoting that they have started to accept applications for PPP loan forgiveness. However, the banks are finding that most of the forgiveness applications they receive are incomplete or incorrect. This is partly due to the lack of significant guidance from the SBA and the Treasury Department on the filing of applications prior to the completion of the 24-week covered period. The SBA and Treasury continue to release guidance containing definitions and limits vs. the logistics and mathematics of filing for forgiveness early.

To that end, an Interim Final Rule (IFR) was issued on August 24th. This IFR contains information on certain situations like sublets, mortgage interest, and home-based businesses. It speaks to some more common scenarios as well. This interim final rule clarified the following:

  • Corporate owners with less than 5% ownership are NOT subject to the limits on owner compensation (see this chart on owners’ compensation limits).
  • Partners in a partnership, however, are still subject to the $20,833 guaranteed payment limit for the 24-week covered period.
  • Related party rent expense is now limited to the equivalent of the mortgage interest on the property during the covered period.
  • Mortgage interest paid to a related party is NOT eligible for forgiveness

If any of the above circumstances apply to your situation and you filed the forgiveness application prior to August 24th, it is most likely wrong. You should contact your bank immediately to see what can be done to correct your application.

We, as a firm, are STILL advocating patience in filing the applications. There will definitely be more guidance issued on the logistics and mathematics of completing the application. There will also most likely be more guidance issued on dollar limits, definitions, etc. Most of all, we believe there will be more legislation passed possibly affecting the PPP program.

We will continue to monitor the situation and communicate significant developments. We will also consider holding a Zoom Meeting on the topic for the end of September or beginning of October.

As always, if you have any questions, please do not hesitate to call us (215-723-4881).

Client Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.

Technologies

Canon Capital Technologies has put together a staff of talented, knowledgeable, and experienced technology consultants who pride themselves in providing the very best, yet sensible, solutions available for each business we work with.

Whenever your business needs help with applying technology to improve communications, boost productivity, or increase revenue, just call on our experienced staff of technology consultants.

In today’s fast paced, ever-changing, Internet-connected world, you can turn to us to help your business keep up with it all. You can rely on us to be there for you!