Staff Accountant
Daniel joined Canon Capital as a Staff Accountant in November 2022. A graduate of Temple University with a Bachelor of Business and Marketing, he began his accounting career in tax preparation and is pursuing his CPA. Outside of work, Daniel leads worship at Renew Community Church and spends his free time playing guitar, practicing martial arts, and snowboarding. The kitchen of his Quakertown home is the place to be thanks to the scent of the sourdough bread he bakes from scratch.
Office Manager
Lori started with Canon Capital in January, 2000. Lori is the Office Manager and oversees the support staff and tax assembly process. She is instrumental in developing and implementing processes that create efficiencies for Canon Capital staff and clients. Lori is also a notary public. She attended Katharine Gibbs School of Business and has over 30 years of administrative and executive assistant experience. Lori and her husband live in Telford and have two children. In her spare time she enjoys crafts, reading, kayaking and spending time with her family.
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:
Here is a summary of the Annual Report filing requirement, providing extremely helpful information to answer questions and start the filing process.
Further help, with step-by-step instructions and screenshots, can be found at How to File an Annual Report (PDF).
As always, we will keep you informed on these and other topics affecting you and your business.
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Payroll Processor/Tax Preparer
Linda joined Canon Capital in 2005 as a Payroll Processor. Prior to 2005, she worked at Canon Capital part-time as part of our tax season support team. She has her Jr. Accounting Certification from Lansdale School of Business and has many years of experience doing payroll, bookkeeping, and tax returns for various accounting firms. Linda is a member of the Lehigh Valley Chapter of the American Payroll Association. She is a member of Christ Reformed Church where she teaches VBS, serves on the Peacemakers team, and the Auditing Committee. Linda’s passion is Operation Christmas Child and she serves as a year-round volunteer. In her spare time, she enjoys spending time with her family, volunteering for missions’ trips, doing German paper cutting, and shopping for Operation Christmas Child shoe boxes. Linda resides in Harleysville with her husband and has three sons.
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.
Here is a summary of the Annual Report filing requirement, providing extremely helpful information to to answer questions and start the filing process.
Further help, with step-by-step instructions and screenshots, can be found at How to File an Annual Report (PDF).
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.
Any professional and technical information presented on this site is for interest only AND IS NOT INTENDED AS PROFESSIONAL ADVICE. It should not be relied upon without supporting professional advice on the subject in question. Neither the firm nor any member or employee of the firm will be responsible for any errors or omissions in the contents of this site howsoever caused.
This site contains links to other Web sites. We advise all web visitors to review the privacy and security policies of all externally linked sites before providing them with personal information. Canon Capital Management Group, LLC assumes no responsibility for the misuse of information volunteered to these sites.
Our team of CPAs works with corporations, LLCs, partnerships, individuals, and not-for-profit agencies to plan, measure, and analyse their financial results through goal-setting, planning, and recommending improvements in efficiencies to accounting and computer systems. We further recommend tax strategies and technology-based solutions to benefit our clients.
In addition, our CPAs work with the other Canon Capital divisions as well as our well established network of lawyers, bankers, insurance agents, and other professionals to provide unique tailored solutions for your needs.
Services Provided by our CPAs
- Business Start-Up Planning & Assistance
- Cash Flow & Budgeting
- Forecasts & Projections
- Compiled & Reviewed Financial Statements
- Tax Analysis & Proactive Planning
- IRS and other Audit Representation
- Tax Return Preparation – Business Entities
- Tax Return Preparation – Individuals
- Tax Return Preparation – Trusts & Estates
Bookkeeper/Administrative Support
Laura is a certified QBO Pro Advisor who joined Canon Capital in November 2021 following her time with Yzzi & Co. She provides administrative support to the firm and is an integral asset to our tax season process. Laura also performs bookkeeping services for our clients. A graduate of Upper Perkiomen High School, Laura lives in Souderton with her husband, Mark. They love spending time with their children and five grandchildren. In addition to spending time with family, Laura unwinds by working in her perennial garden; baking; biking; and travelling the USA, making stops in quaint towns along the way.
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.
