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Urgent Update on BOI Filing Requirements – Filing Now Required

Days after a judge in Texas ruled that a nationwide preliminary injunction barring FinCEN from enforcing the Corporate Transparency Act (CTA) would stand, the U.S. Court of Appeals for the Fifth Circuit has declared the opposite. In a December 23, 2024 ruling, a unanimous Fifth Circuit bench granted the government’s emergency motion for a stay pending the appeal.

The reversal means that the businesses that are required to file BOI reports must now do so during the appeal process.

In response to the Court decision, the Financial Crimes Enforcement Network (FinCEN) has granted a short extension.

Extended Deadlines for Existing Companies
Companies created or registered before January 1, 2024, must file their initial BOI reports by January 13, 2025 (extended from January 1, 2025).

Extensions for Recently Registered Companies
Companies registered between September 4, 2024, and December 23, 2024, now have until January 13, 2025, to file their BOI reports.

Companies registered between December 3, 2024, and December 23, 2024, receive an additional 21 days from their original filing deadline.

Disaster Relief Extensions
Depending on their circumstances, companies qualifying for disaster relief may have filing deadlines beyond January 13, 2025.

New Companies Starting in 2025
Companies registered on or after January 1, 2025, must file their BOI reports within 30 days of their creation or registration becoming effective.

You can find information and file your BOI reports at www.boiefiling.fincen.gov.

Ashley Hillman

Payroll Administrative Support

Ashley joined our Payroll team in December 2019, where she provides administrative support. A graduate of Montgomery County Community College and Temple University, Ashley brings her experience as a Finance & Insurance Manager at an auto dealer and as an Inheritance Specialist. In her free time, she recharges by reading, biking, or camping. Ashley lives in Telford with her husband and their two sons.

To Souderton Office

From Quakertown area (Routes 309 & 663):

  • Follow Route 309 South/South West End Boulevard
  • Take PA-113 Exit toward Souderton
  • Turn right onto PA-113 South
  • Continue to follow Route PA-113 South for .8 miles
  • Turn right onto North Main Street
  • Continue to follow North Main Street for .5 miles
  • Turn right onto Summit Street
  • Turn right into parking lot

From PA Turnpike-Lansdale Exit:

  • Turn left onto Route 63 East/Sumneytown Pike
  • Turn left onto Route 63 East/Forty Foot Road
  • Continue to follow Forty Foot Road for 1.3 miles
  • Turn left onto Allentown Road
  • Continue on Allentown Road for .9 miles
  • Take 3rd right onto Derstine Road
  • Continue on Derstine Road for 1.7 miles
  • Turn left onto Cowpath Road
  • Continue on Cowpath Road for 1.3 miles
  • Turn right onto West Broad Street
  • Continue on West Broad Street for 1.1 miles
  • Turn left onto North Main Street
  • Continue to follow North Main Street for .5 miles
  • Turn right onto Summit Street
  • Turn right into parking lot

From Collegeville area (Routes 113 & 29):

  • Follow Route 113 North for 11.5 miles
  • Make slight right onto North Main Street
  • Turn left onto Summit Street
  • Turn right into parking lot

From Montgomeryville (Five-points intersection):

  • Follow Route 309 North for 6 miles
  • Take PA-113 Exit toward Souderton
  • Turn left onto PA-113 South
  • Continue to follow Route PA-113 South for .8 miles
  • Turn right onto North Main Street
  • Continue to follow North Main Street for .5 miles
  • Turn right onto Summit Street
  • Turn right into parking lot

Andre Leatherman

PC Networking Technician

Andre Leatherman has been working in the IT field, in help desk support and troubleshooting, since 2014. Andre joined the Canon team in February 2019 as a PC Networking Technician. He resides in Souderton where he enjoys spending time with his wife, their family, as well as playing piano, guitar, and drums, talents he frequently shares while volunteering on the worship team at Towamencin Mennonite Church.

To Hatfield Office

From Quakertown area (Routes 309 & 663):

  • Follow Route 309 South/South West End Boulevard for 11.1 miles
  • Turn right onto Bergey Road
  • Continue on Bergey Road for 1.5 miles
  • Turn right onto Cowpath Road
  • Take 1st left onto Derstine Road
  • Continue on Dertsine Road for 1.3 miles
  • Turn left onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

From PA Turnpike-Lansdale Exit:

  • Turn left onto Route 63 East/Sumneytown Pike
  • Turn left onto Route 63 East/Forty Foot Road
  • Continue to follow Forty Foot Road for 1.3 miles
  • Turn left onto Allentown Road
  • Continue on Allentown Road for .9 miles
  • Take 3rd right onto Derstine Road
  • Continue on Derstine Road for .4 miles
  • Take 3rd right onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

From Collegeville area (Routes 113 & 29):

  • Follow Route 113 North for 3.3 miles
  • Turn right onto Route 73/Skippack Pike
  • Continue on Route 73/Skippack Pike for 1.1 miles
  • Turn left onto Old Forty Foot Road
  • Continue on Old Forty Foot Road for 3.1 miles
  • Turn right onto Route 63 East/Sumneytown Pike
  • Continue on Route 63 East/Sumneytown Pike for .6 miles
  • Turn left onto Route 63 East/Forty Foot Road
  • Continue to follow Forty Foot Road for 1.3 miles
  • Turn left onto Allentown Road
  • Continue on Allentown Road for .9 miles
  • Take 3rd right onto Derstine Road
  • Continue on Derstine Road for .4 miles
  • Take 3rd right onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

From Montgomeryville (Five-points intersection):

  • Follow Route 463 West/Cowpath Road for 4.6 miles
  • Turn left onto Derstine Road
  • Continue on Dertsine Road for 1.3 miles
  • Turn left onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

Souderton office to Hatfield office

  • From Summit Street, turn left onto North Main Street
  • Continue on North Main Street for .5 miles
  • Turn right onto West Broad Street
  • Continue on West Broad Street for 1.1 miles
  • Turn left onto Cowpath Road
  • Follow Cowpath Road for 1.3 miles
  • Turn right onto Derstine Road
  • Continue on Dertsine Road for 1.3 miles
  • Turn left onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

Disaster Recovery

Is your business ready for a disaster?

It seems like there is always a story in the news of some natural disaster – tornadoes, earthquakes, hurricanes, and wildfires.  It makes me wonder:  “Is there really any place that is safe, or immune from such calamity?” Of course, the answer is no. Therefore, this would be a great time for you to fine tune or implement a disaster recovery and business continuity plan for your business.

Disaster recovery is being able to continue your business critical functions after an unforeseen interruption.   It is easy to see how something “big” like the disasters mentioned above can severely impact your business. But what about more common “disasters” such as a power outage, internet going down, a server malfunctioning or simply unplugging a piece of equipment accidentally?   Ideally, your business continuity plan will allow you to recover your programs and data to a point very close to when the disaster occurred.

When putting together a disaster recovery plan, many factors need to be considered. First and foremost is your data.  Ask yourself, “How is my data being backed up? How would I get to that data in the event of a disaster?”   A common mistake most people make is to faithfully do a backup of their data, and then leave the backup media (disk, flash drive, tape, etc.) in the same building – or even the same room – as their computer systems or servers.  If the building were to burn down, your backup would go with it and you would be left with nothing to recover from.

One way to begin developing a business continuity plan is to define the word “disaster” in the context of your business.  Ask yourself “What level of interruption do I need to protect my business from? Can I afford to be down (without computer system, programs, data for example) for 1 day, 1 week, 1 hour?  How long can I afford to be without power, telephones or internet access?”   Answering these questions will help to give some shape to your plan. If you can afford to be down for a week, then you will not need as much in the way of redundant systems and infrastructure which will save on up front and ongoing costs.  However, if you really cannot afford to be down for more than a few hours, a more comprehensive plan will need to be developed.  This may include redundant hardware and telecom circuits, standby or backup servers, off site backups, and perhaps moving towards cloud (internet hosted) services for some of your mission critical applications.

As your trusted technology advisors, we are here to help you navigate the development, implementation, and ongoing testing of a business continuity solution. If you have any doubts about your emergency plan, it would be our privilege to work with you in developing a solution that brings you security and peace of mind.

Overtime Rule Delays and Delaware Paid Leave: What Employers Need to Know

Here’s what’s new for businesses as we approach 2025: a delay in the Department of Labor’s overtime rule and the launch of Delaware’s new Paid Leave Program.

Overtime Rule Delay: What’s Next?

A recent federal court ruling has temporarily delayed the implementation of the U.S. Department of Labor’s (DOL) proposed changes to the overtime rule. These changes would have raised the salary threshold for employees to qualify for overtime pay, impacting many businesses nationwide. The court vacated the rule, citing concerns over the methodology used in determining the new salary thresholds.

For now, the overtime rule remains in limbo. While the DOL may revise or reinstate the rule in the future, we recommend that employers keep an eye on further developments. In the meantime, it’s crucial for business owners and HR professionals to continue monitoring their exempt employees’ compensation to ensure compliance with existing regulations.

Delaware’s Paid Leave Program

Starting January 1, 2025, Delaware will join the ranks of states offering paid family and medical leave for workers with its own state-run Paid Leave Program. This new legislation mandates that businesses with 10 or more employees provide employees with paid leave benefits. This includes paid parental leave, as well as time off for medical reasons, family caregiving, and addressing the impact of a family member’s overseas military deployment.

Some key points about the Delaware Paid Leave Program:

  • Employers with 10 or more employees must provide paid parental leave benefits, and employers with 25 or more employees must provide full coverage for parental, medical, and family caregiving leaves.
  • The program pays eligible employees 80% of their weekly earnings, up to $900 per week.
  • Employers can choose to self-insure or use private plans, as long as the benefits meet or exceed the state program.

As businesses prepare to comply with this new mandate, they should be aware of the potential penalties for non-compliance. Registering with the state’s administrative system, Delaware LaborFirst, will be required, and contributions will be due starting January 1, 2025. For more information on the program and to get started, visit the Delaware Department of Labor website.

Count on Canon Capital Payroll

As your trusted payroll partner, we’re here to help you navigate these changes and ensure compliance. We will continue to monitor both the federal overtime rule and Delaware Paid Leave to provide you with the latest updates and guidance.

Three Things to Know for Q4 2024

The final quarter of the year is often a busy time, but it’s also an opportunity to prepare your business for a successful start to the new year. Whether you’re navigating evolving cybersecurity threats, preparing for regulatory changes, or getting ready for payroll updates, here’s a quick rundown of what to know as we wind down the final quarter of the year.

Cybersecurity: Stay Vigilant Against Holiday Scams

It’s the height of the holiday season, and with it comes an increased risk of cyberattacks targeting small businesses. According to recent data, one in three small businesses was targeted by a cyberattack last year. As you shop online for holiday deals, be especially cautious of scams. Common threats include fake holiday sale emails containing malicious links that can compromise your business’s systems.

Here are a few tips to stay protected:

  • Buy from reputable websites or brick-and-mortar stores.
  • Be cautious when connecting new smart devices to your business network. Ensure they have the latest security patches and configurations before use.
  • Educate your team on the importance of verifying email sources and avoiding suspicious links.

Corporate Transparency Act BOI Reporting on Hold

A recent ruling by a Texas Federal Court has temporarily halted the Corporate Transparency Act’s Beneficial Ownership Information (BOI) reporting requirements. The court raised constitutional concerns, providing relief to the millions of businesses preparing their filings. For now, those who have already filed need not take further action, and those who haven’t are not required to file at this time. As the issue moves through the courts, changes to the reporting requirements may occur in 2025. We will keep you updated.

Payroll Update: Overtime Rule Changes

A recent federal ruling has delayed the implementation of the Department of Labor’s new overtime rule, which was set to raise the salary threshold for exempt employees. The court vacated the rule, citing concerns over the methodology used to determine the thresholds. As a result, we will monitor further developments and issue updates since the new rule may still be modified or reinstated in the future.

If you need assistance navigating these changes, please contact us for expert advice tailored to your business needs.

Our Value Proposition

Canon Capital Management Group, LLC (Canon Capital) provides integrated financial and business services to businesses, individuals, government entities and non-profit enterprises.

Canon Capital has built a large base of satisfied clients that trust our competent and capable professionals with their estate planning, financial planning, investments, tax reporting, payroll, technology and business consulting needs.

No longer is it necessary to rely on different sources of information and advice.  Canon Capital provides a single source of financial and business services to help you make the right decisions.