Two of our Canon Capital Management Group team members have recently achieved significant milestones in their professional development.
We are proud of Chris and Amanda for their hard work and commitment to excellence. Please join us in congratulating them.
Chris McDonnell Achieves AI Certification for Accountants
Chris McDonnell, CPA, CAIA has earned a certification in AI for Accountants, equipping him with cutting-edge skills to leverage artificial intelligence in financial processes.
With this advanced knowledge, Chris will lead our team in offering even more innovative and efficient accounting solutions, ensuring our clients stay ahead of the curve.
Amanda Spengler Earns NACPB Certification
Amanda Spengler has achieved her Bookkeeping Certification from the National Association of Certified Public Bookkeepers.
This accomplishment highlights Amanda’s dedication to maintaining the highest standards of accuracy and integrity in managing our clients’ financial records.
These achievements reflect our ongoing dedication to the clients we are privileged to serve.
As the calendar inches closer to July 1st, 2024, employers across the nation are preparing for a significant shift in overtime regulations. The Department of Labor’s recent announcement regarding the new overtime rule has left many businesses seeking clarity on how this will impact them.
Eligibility Expansion
One of the primary objectives of the new overtime rule is to extend overtime protections to a broader segment of the workforce. Previously, employees earning below a certain salary threshold were automatically eligible for overtime pay. However, with the updated regulation, this threshold is set to increase, including more employees within its scope.
Image Credit: US Department of Labor
Impact on Lower-Wage Workers
Workers earning salaries below the revised threshold will see the most direct impact. As they become newly eligible for overtime pay, they stand to benefit from increased compensation for any hours worked beyond the standard 40-hour workweek.
Adjustments for Employers
Employers, on the other hand, will need to adapt their payroll and workforce management strategies to accommodate the expanded eligibility criteria. This may involve reassessing employee classifications, adjusting compensation structures, or implementing changes to work schedules to ensure compliance with the new regulations.
Industries and Sectors Affected
While the new overtime rule applies across various industries and sectors, specific industries may feel its effects more heavily than others. Sectors with more lower-wage workers, such as retail, hospitality, and healthcare, will likely see more employees impacted by the rule change.
Our Payroll Professionals Are Here to Help
Our Payroll team is here to help you navigate the payroll-focused intricacies of this new overtime rule with confidence. Call 215-723-4881 or contact us online.
Were your employees’ tax return results not what they expected this year? Many taxpayers have had the unpleasant surprise of a tax bill instead of the anticipated refund. This is likely due to not having enough funds withheld from each paycheck.
That’s why we recommend a paycheck check-up at least once a year, whether completed at the start of the calendar year or right now, to ensure they’re withholding the right amount for the remainder of this year. Share this paycheck calculator on the IRS website to help them run their numbers and make any necessary adjustments to their W4 form.
Questions? We are happy to help. Give us a call at 215-723-4881.
Intuit has recently announced the eventual phasing out of the desktop versions of its QuickBooks accounting software. After July 31, 2024, Intuit will no longer issue new subscriptions to these QuickBooks Desktop products:
QuickBooks Desktop Pro Plus
QuickBooks Desktop Premier Plus
QuickBooks Desktop Mac Plus
QuickBooks Desktop Enhanced Payroll
Existing users of these products can continue renewing their subscriptions and will receive support and security updates after July 31, 2024. The final sunset date has not yet been shared by Intuit.
Why move to QuickBooks Online now?
We recommend you make the move to QuickBooks Online sooner rather than continuing with your Desktop version. The advantages of working in cloud-based accounting software outweigh the learning curve.
Increased efficiency
With available online automated accounting services, the information in QuickBooks Online is timely, accurate, and always at hand. From an accounting perspective, this gives you more time to work on your business and allows your CPA to be involved at a higher level to provide guidance as needed.
Increased protection
Using the online version of QuickBooks gives you greater protection from these cyber threats:
Data breaches: older software has inadequate safeguards to detect malicious behavior.
Fines and denied insurance claims: Cyber Insurance onboarding questionnaires will ask if you are running any software that would be considered “end of support.” Likewise, government compliance standards all require affirming a statement that you are not running any end-of-life or end-of-support software.
Extended downtime: due to lack of vendor support as well as data breach or corruption
A cloud-hosted application like QuickBooks Online will avoid these risks, providing:
New features and security enhancements
Typically have a 99.8% uptime guarantee
Known and consistent costs for budgeting purposes
Hardware requirements are minimal.
Changes that are spread out over time.
Added Benefits
Making the transition from QuickBooks Desktop to QuickBooks Online is a seamless process. After creating the QuickBooks Online account, your most recent desktop data file would be migrated to the new platform. This process will take approximately 24 hours. It may take more or less time, depending on the size of the file being migrated.
After that, you can start enjoying the benefits of using cloud-based software:
Secured Storage that Remains Compliant
Access From Anywhere
Faster Processing
Centralized Tasks
Real Time Transactions
Integration
Access to mobile apps for mileage, expenses, etc.
Where do we go from here?
If you’d like to learn more about using QuickBooks Online, our recent webinar provides greater detail in preparing for this change. We recommend viewing the webinar in its entirety.
One source, many services, the right decision.
If you have questions about next steps or if we can be of service, please contact us online or call 215-723-4881.
We all want the best for our children – for them to have every opportunity to grow and learn and to make a success of their life. The challenge we face as parents of young is how to properly fund our children’s education without draining our current cash flow.
What should you do if they are a few years away from college and your education fund won’t be enough? How can you increase your chances of getting financial aid? What tax benefits might be available to you? Your professional advisors are able to help you answer these question and any others you may have. With the costs of a college education rising every year, the keys to funding your child’s education are to plan early and invest shrewdly. However, there are steps you can take if you get a late start. Moreover, there are a number of effective techniques for increasing financial aid opportunities and reducing taxes.
The thought of funding your child’s education—the cost of which has grown at about 6% a year— can be mind-boggling. However, proper planning can lessen the financial squeeze considerably, especially if you start when your child is young.
We can help you to make the right financial decisions and begin saving for that college education today.
We proudly announce the promotion of Chuck Porter, Jr., to Co-Director of Wealth Management.
Chuck joined Canon Capital in 2006 and has been working as a Senior Investment Advisor. In 2018, he was admitted to the company as a shareholder.
Chuck will serve alongside Co-Director Patricia Webb in developing strategic initiatives, guiding the delivery of exceptional client service, and fostering continued growth for the Wealth Management unit.
“We couldn’t be more thrilled to welcome Chuck into this new, well-deserved role,” said Webb. “With his exceptional expertise and unwavering commitment to our clients, I am confident that his passion for our company’s success will bring new dimensions to our team and further elevate our standards.”
“As I step into this new role, I’m deeply committed to ensuring that our firm is positioned not only for growth but for sustained success over the long haul. I could not have reached this milestone without the unwavering support and dedication of our remarkable team of advisors and support staff. Together, we are poised to achieve great things, and I’m excited to continue serving you with the same level of commitment and care,” said Porter. “I also want to assure my clients that this promotion doesn’t equate to a change of advisor for them. I remain dedicated to serving in an advisory capacity, just as before.”
Preparing for the pitter-patter of little feet can be such an exciting, heady time that it can be easy to overlook some of the more serious issues relating to this event. As soon as you start your family, financial planning for the future becomes even more essential. How will you finance childcare, medical bills, food, education, clothing, toys, and education savings? What will you need to spend money on and how much will each item cost? It’s important to take into consideration the ongoing costs associated with starting and raising a family. To get you started, here are some of the things you’ll need to factor into your financial planning:
Doctor and hospital expenses
Nursery furniture and clothing
Baby supplies and equipment
Formula
Childcare
Healthcare
Toys and clothes
Education costs
Extra curricular activities (e.g., ballet classes, school camps, sporting events and activities)
Doctor and medical expenses
Increased insurance
Be certain you’re well prepared. Talk with us today about how best to prepare for a life-changing event such as the birth of a child.
Please welcome Andrew Stein and Cherie Strozzieri, who have joined the Canon Capital Management Group team within the last few months.
Andrew Stein’s financial services industry expertise is demonstrated in his advisory role with clients regarding their investments and planning, ranging from asset growth to retirement income planning. Mentoring is a priority for Andrew, who spends his time outside of work helping to facilitate local sports camps with the Fellowship of Christian Athletes.
Cherie Strozzieri brings extensive experience in corporate, non-profit, and private sector accounting services. She is also a Certified QuickBooks Pro Advisor. In her spare time, she enjoys spending time with family and friends as well as volunteering time to various philanthropic endeavors.
Learn more about our team and how they can be of service to you.
Goodness knows you have more than enough to organize when you’re preparing for a marriage. Not only is it a time filled with excitement and happiness – it’s also a hectic busy time. All too often the financial implications of marriage (and of divorce and re-marriage) are overlooked, or not considered fully in the excitement.
People who have recently changed their marital status or who are planning such a change may have important financial and legal decisions to make. These decisions might deal with property ownership, providing for children’s welfare, postmortem planning and day-to-day finances. You should always consult with your financial advisor to discuss the financial steps appropriate to a change in marital status.
If, at the other end of the scale, you are considering a divorce, it’s imperative that you take appropriate action to plan for the dissolution of the financial partnership in your marriage. Such dissolution involves dividing the financial assets you have accumulated during the years of marriage. If there are children involved, future support given to the custodial parent must be planned for. If you take the time and the correct measures now to prepare and plan for all eventualities, it will pay off later on. As always, you should seek the advice of your professional advisors to ensure you take the steps that are appropriate to your individual situation.
