Rebecca Alderfer

Administrative Assistant

Becky joined Canon Capital in 2002. Prior to Canon Capital, she worked for an auto dealership and computer software company. She attended Montgomery County Community College for business. She resides in Tylersport with her husband and they have three children and nine grandchildren. Becky is active in her church and enjoys making crafts and baking. She also loves to take her vacations in Duck, North Carolina.

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Get Ready with our 2021 Year-End Tax Planning Breakfast Meeting

The pandemic continues to have an impact on our financial landscape, especially in tax planning. With Employee Retention Credits, PPP Loan Forgiveness, and new legislation on the horizon, how can you best prepare for your taxes in 2021?

Find out at our 2021 Year-end Tax Planning Breakfast Meeting. We’ll be joined by Steven Moyer, CPA/PFS, CGMA, CSEP; Brent Thompson, CMA, CGMA, CPA; and Chuck Porter, Jr., Senior Investment Advisor, who will present a program including updates on and the status of:

  • COVID Relief, including Employee Retention Credits and PPP Forgiveness
  • Build Back Better Plan and Proposed Legislation
  • Proactive Year-End Planning Ideas & Considerations for Businesses and Individuals
  • Enhanced Charitable Giving Options

This event is presented free of charge and takes place Wednesday, November 10, 2021, at 7:30 a.m. at the Franconia Heritage Banquet and Conference Center. Please register with the Chamber by November 5, 2021.

We are proud to be co-sponsoring this Indian Valley Chamber of Commerce event with Harleysville Bank.

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)

Bradley Barnhorst

Investment Committee Counsel

Brad joined Canon Capital in 2016 and serves as Investment Committee Counsel.  He is a recognized expert in investment portfolio risk and volatility reduction, with numerous published works in both scholarly and professional journals.   In addition to his role with Canon Capital, he serves as the Chair of the Finance Major and CFP Program Director for both the undergraduate and graduate divisions at DeSales University.  He has prior experience as an Associate Director for Bear, Stearns & Co. specializing in structured equity products and derivatives geared to mitigating investment risk. He holds the Chartered Financial Analyst (CFA) designation.  He has earned a Bachelor of Arts Degree in Computer Science from Harvard University as well as a Master of Business Administration (MBA) with a concentration in Corporate Finance and Investment Management from Penn State University.

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.

Tax Relief for Victims of Hurricane Ida in Pennsylvania

Many of our friends and neighbors – perhaps even you – are still dealing with the devastation brought to the area earlier this month by Hurricane Ida.

This past week the IRS released information on providing tax relief for those affected by Hurricane Ida in parts of Pennsylvania. This currently includes Bucks, Chester, Delaware, Montgomery, Philadelphia, and York counties.

The relief postpones various tax filing and payment deadlines that occurred beginning on 8/31/21. Affected individuals and businesses now have until 1/3/22 to file returns and pay any taxes that were originally due during the relief period.

This includes:

  1. 2020 individual and business tax returns (calendar-year partnerships, S corporations, and C corporations) with valid extensions (individual tax payments were due on 5/17/21);
  2. Extended tax-exempt organization returns due on 11/15/21; and
  3. Quarterly estimated income tax payments due on 9/15/21.

As always, if you have any questions about this or any other tax-related issue, please contact us online or call 215-723-4881.

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News on 2021 Child Tax Credit Refunds, IRS Hiring Plans

Here are important updates regarding the changes to the Child Tax Credit and recent hiring plans from the IRS.

Important News on Child Tax Credit Refunds

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:

  • Amount has increased for certain taxpayers
  • Is fully refundable (meaning you can receive it even if you don’t owe the IRS)
  • May be partially received in monthly payments

The new law also raised the age of qualifying children to 17 from 16, meaning some families will be able to take advantage of the credit longer.

The IRS will pay half the credit in the form of advance monthly payments beginning July 15. (You may have received a check or deposit already.) Taxpayers will then claim the other half when they file their 2021 income tax return.

Though these tax changes are temporary and only apply to the 2021 tax year, they may present important cash flow and financial planning opportunities today. It is also important to note that the monthly advance of the child tax credit is a significant change. The credit is normally part of your income tax return and would reduce your tax liability. The choice to receive the child tax credit in advance will affect your refund or amount due when you file your return. To avoid any surprises, please contact our office.

Qualifications and how much to expect

The child tax credit and advance payments are based on several factors, including the age of your children and your income.

  • The credit for children ages five and younger is up to $3,600 –– with up to $300 received in monthly payments.
  • The credit for children ages six to 17 is up to $3,000 –– with up to $250 received in monthly payments.

To qualify for the child tax credit monthly payments, you (and your spouse if you file a joint tax return) must have:

  • Filed a 2019 or 2020 tax return and claimed the child tax credit or given the IRS your information using the non-filer tool
  • A main home in the U.S. for more than half the year or file a joint return with a spouse who has a main home in the U.S. for more than half the year
  • A qualifying child who is under age 18 at the end of 2021 and who has a valid Social Security number
  • Income less than certain limits

You can take full advantage of the credit if your income (specifically, your modified adjusted gross income) is less than $75,000 for single filers, $150,000 for married filing jointly filers and $112,500 for head of household filers. The credit begins to phase out above those thresholds.

Higher-income families (e.g., married filing jointly couples with $400,000 or less in income or other filers with $200,000 or less in income) will generally get the same credit as prior law (generally $2,000 per qualifying child) but may also choose to receive monthly payments.

Taxpayers generally won’t need to do anything to receive any advance payments as the IRS will use the information it has on file to start issuing the payments.

IRS’s Child Tax Credit Update Portal

Using the IRS’s child tax credit and update portal, taxpayers can update their information to reflect any new information that might impact their child tax credit amount, such as filing status or number of children. Parents may also use the online portal to elect out of the advance payments or check on the status of payments.

The IRS also has a non-filer portal to use for certain situations.

In short, if you are set up to pay quarterly estimates, the advance of the child tax credit was not factored into your estimates.  Therefore, I would suggest you immediately opt out of the advance.

If for whatever reason you do not opt out, let us stress again that your refund will be reduced or the amount you owe will be increased by taking the advance.

If you receive any advance, you must keep track of them for preparation of your 2021 tax return – the same as the stimulus payments.

IRS Small Business and Criminal Divisions Will Hire Thousands of Auditors by September

At a New York University conference, the co-commissioners of IRS’s Small Business/Self- Employed Division (SB/SE), and the commissioner of the Criminal Investigations Division (CI), announced that they will be hiring thousands of auditors by the end of September 2021.

President Biden and the House Appropriations Committee have both submitted budget increases for IRS for fiscal year 2022 – $1.7 billion more than IRS received in fiscal year 2021.

IRS SB/SE co-commissioners De Lon Harris and Darren Guillot spoke to the conference. “We’re going to be ready to go, as soon as that budget hits… to start bringing in what could be double the number of folks that we are looking at bringing in this year, just for exam alone.” They noted that they plan to hire 1300 field revenue officers, 400 tax compliance officers who will be available for “in person audits” (formerly called “office audits”), and 518 automated collection (ACS) phone representatives. Guillot said that, after taxpayers receive an IRS notice threatening to garnish wages or levy property, “you expect when you call that [ACS] phone number that we’re going to answer,” he said.

SB/SE expects to use new personnel to increase compliance in the following areas: fuel tax, syndicated conservation easements, and employment taxes.

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