Posts | Canon Capital Management Group, LLC

Daniel Hagen

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.

Lori Canfield

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.

Copyright

Apart from fair dealing as permitted under the copyright law of the United States of America, and as necessary for the delivery of our services, no part of this program may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, reprographic or otherwise, without the prior permission of Canon Capital Management Group, LLC.

Is It Time to Rethink Your Cybersecurity? Here’s Why Zero Trust Matters

When it comes to cybersecurity, the old way of doing things—including trusting anything inside your network—just doesn’t cut it anymore. Threats are smarter, faster, and always changing. That’s why more businesses are moving to a Zero Trust approach: trust nothing until it’s verified.

If you’re thinking about tightening up your security, here are a few key things to keep in mind:

Always verify identity.
Every time someone logs in, you need to know for sure it’s really them. Strong multi-factor authentication (MFA) isn’t a nice-to-have anymore—it’s a must.

Check the devices too.
It’s not just about the user. Every device trying to connect should meet your security standards. If a device isn’t up to date or secure, it’s a risk.

Limit access.
Only give people access to what they need to do their jobs. Nothing more. It’s one of the easiest ways to keep a breach from spreading.

Keep an eye on everything.
Zero Trust isn’t a set-it-and-forget-it model. You have to keep monitoring users, devices, and activity to catch anything unusual early.

Protect your data—everywhere.
Whether it’s sitting in storage, moving across your network, or being accessed remotely, your data should always be encrypted and secure.

Zero Trust sounds complicated, but it doesn’t have to be. If you’re not sure where to start, we can help. Let’s chat about what makes sense for your business—without the overwhelm.

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.

Disclaimer

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.

Linda Covel

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.

CPA Services

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

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:

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.

Laura Eisenschmied

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.