2024 Tax Resources
As you prepare your information for the processing of your 2024 return, please use these complimentary resources. Simply download the PDF(s) and complete them with your information prior to returning to us with your tax data.
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Three Things to Know for Q1 2025
The start of a new year brings fresh opportunities, but it also brings important financial and security considerations for you and your business. As we move through the first quarter of 2025, here are three updates you need to know.
BOI Reporting and PA Annual Report Filing
The enforcement of the Corporate Transparency Act’s Beneficial Ownership Information (BOI) reporting requirements is currently on hold due to a federal court ruling. This means businesses that have not yet filed do not need to act at this time. However, the situation remains fluid, and reporting requirements may be reinstated later in the year. Stay informed to ensure compliance. Read more.
Starting in 2025, Pennsylvania businesses must file an Annual Report to remain in good standing. This is a new requirement replacing the previous decennial filing system. Reports are due based on your business structure, so be sure to review your deadline and prepare accordingly. Learn more.
Paycheck Calculator—Share with Your Employees
Each tax season, we hear from business owners whose employees are caught off guard by unexpected tax bills. The most common culprit? Insufficient federal tax withholding. To prevent this issue, employees should be encouraged to use the IRS Paycheck Calculator to check their withholding and make any necessary W-4 adjustments. Doing this now can help employees avoid surprises at tax time. Please pass this information along to your team today.
Beware of Tax Season Scams
Tax season is a prime time for scammers looking to steal sensitive financial information. Fraudulent emails, phishing attempts, and fake IRS messages increase significantly this time of year.
Remember:
- Never click on links or open attachments from unknown senders.
- Verify any tax-related emails by contacting the sender directly.
- Be wary of urgent messages requesting sensitive information.
If something seems suspicious, trust your instincts and consult your IT team before taking any action.
Need assistance? We’re here to help. Call 215-723-4881 with any questions.
Lori E. Benner
Senior Accountant
Lori began working at Canon Capital in September 2022, bringing over 30 years of experience in corporate and partnership tax preparation and financial statement review. Lori earned her BS in Business Administration from Kutztown University and is a member of PSTAP (Pennsylvania Society of Tax and Accounting Professionals). A Perkasie resident, she relaxes by paddleboarding, doing yoga, baking, gardening, and hiking. Lori also enjoys spending time with her son, Collin, and her two mini Goldendoodles, Reilly and Chewie.
FinCEN Halts Corporate Transparency Act Enforcement: What It Means for Your BOI Reporting
In keeping with the Department of Treasury’s communicated commitment to reduce regulatory burden on businesses, FinCEN announced on Thursday, February 27, 2025, that it will pause enforcement actions and not issue fines or penalties against companies for failing to file or update beneficial ownership information (BOI) reports. This is pursuant to the previously promulgated Corporate Transparency Act (CTA) reporting deadlines. Refer to the FinCEN announcement at FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines | FinCEN.gov.
Given the recent legal and legislative developments and related confusion and uncertainty surrounding CTA/BOI reporting, FinCEN’s announcement pausing reporting deadline enforcement is welcome relief for reporting companies and professionals providing CTA/BOI-related services to reporting companies.
FinCEN noted its intent to issue an interim final rule by March 21, 2025, with updated guidance on extending BOI reporting deadlines. In addition, FinCEN stated it plans to seek public comment on potential revisions to existing BOI reporting requirements and will consider those comments as part of a notice of proposed rulemaking to be issued later this year to determine whether modifications to the reporting deadlines are warranted.
PA Annual Filing Update
It is very important to note that the Federal BOI announcement above is different than the new PA Annual Report Filing reports that are currently due. As a reminder, we cannot file these reports, so we encourage you to do so as soon as possible. For more information, see the following:
As always, we will keep you informed on these and other topics affecting you and your business.
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:
- Complete the form below, indicating the quantity of each item to be recycled
- 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
- We will send you an invoice for the service fee
Elm Terrace Gardens Technical Support Request
The web based support form is no longer in use. Please use the green IT button on your Windows desktop or system tray to submit a support request. If you do not have the green IT button, please give us a call at 215-723-4881, extension 800, and we will be happy to assist you.
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
- Learn more about wealth management, retirement planning, and 401(k) plan services here
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.
Canon Capital Technical Support Request
The web based support form is no longer in use. Please use the green IT button on your Windows desktop or system tray to submit a support request. If you do not have the green IT button, please give us a call at 215-723-4881, extension 800, and we will be happy to assist you.
Everything You Need to Know About Pennsylvania’s New Annual Report Filing Requirement for 2025
Beginning in 2025, most businesses will have to file a new annual report with the Commonwealth of Pennsylvania. Exceptions include general partnerships, authorities, fictitious names, financial institutions, and other very narrowly defined business types. There are no exceptions according to the size of the business entity.
Annual filing reports must be filed online, and there is a $7 fee (except for non-profits).
Filing deadlines are as follows:
- Corporations and non-profits: June 30, 2025
- Limited Liability Companies: September 30, 2025
- Limited Partnerships: December 31, 2025
The Pennsylvania Department of State is supposed to mail notices of reminders to file but will not be doing so until two months prior to each deadline. Knowing that mail is not always reliable, we would encourage you to file your annual report now.
The filing of this annual report is different from the filing requirement for the Beneficial Ownership Information (BOI) from the federal government. Many other states already have an annual report filing requirement, so we do not expect the court challenges or implementation issues that we have seen regarding BOI filing. We would encourage you to file this annual report with the Commonwealth of Pennsylvania now.
BOI Reporting Still on Hold After Supreme Court Ruling
We want to provide a new update regarding the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).
On January 23, 2025, the U.S. Supreme Court issued a stay of a nationwide injunction previously put in place by a district court in Texas (Texas Top Cop Shop, Inc. v. Garland No. 4:24-CV-478 (E.D. Texas 12/3/24)). Despite this development, it’s important to note that a separate injunction from another Texas court (Smith v. U.S. Department of Treasury (January 7, 2025) U.S. Dist. Court, Eastern Dist. of Texas, Case No. 6:24-CV-336)) remains in place.
The Financial Crimes Enforcement Network (FinCEN) announced on January 25, 2025, that reporting companies covered by the BOI reporting requirement do not have to file the reports (and cannot be penalized for not filing) while an injunction remains in place.
However, any small businesses that fall under the CTA may still choose to submit BOI reports voluntarily.
In legislative developments, two bills, HR 425 and S 100, have been introduced in Congress to repeal the Corporate Transparency Act.
As always, we will stay on top of the fast-changing status of this law and keep you informed of all developments as they occur.