Posts – Page 6 – 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.

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.

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.

Christopher M. McDonnell

Manager

Christopher joined Canon Capital in June 2021. He is a CPA with a wealth of public accounting experience. Christopher graduated from Immaculata University with a Bachelor of Science in Accounting. He is a member of AICPA and PICPA and currently serves as the treasurer of the Indian Valley Chamber of Commerce. In his free time, you can find Christopher surfing, reading, or working on home improvement projects in the Pennsburg home he shares with his wife, Kaitlin, and son, Calvin.

Join the Team

If you are interested in pursuing a career opportunity at our firm, feel free to email your resume to our Human Resources Administrator at hresources@canoncapital.com.

Mail Resumes to:

H.R.
PO Box 228
Harleysville, PA 19438

OR
Fax: 215-723-1487

OR
Email: hresources@canoncapital.com

Company Profile

A Note from the Managing Directors

Here at Canon Capital, the entire team is committed to helping you grow and preserve your wealth. In fact, that’s been our underlying focus since this practice was first formed in 1987.

At that time, we identified a need for accounting services in the region and we set about creating a practice that could successfully support clients’ taxation, taxation planning, and more.

Since then the practice has successfully helped over a thousand clients, all with similar needs to you and many facing challenges that might also be similar to yours. Our team has grown from just 5 to 35 members.

We’ve come a long way.

Other changes have taken place too. Some time ago we became aware of a number of business clients who were grappling with so many different issues that we wanted to help. We wanted to be able to say “here’s how to generate the extra sales you need” rather than just talk about the historical financial results.

So much so that we set about changing our firm, improving it for the better and turning it into something really special for you. To do that, we worked hard to fully educate ourselves on all sorts of issues – business development, growth, strategy, human resources, marketing, sales, management, operations, systems, customer service, performance standards, business health checks and more – as it applies to businesses like yours.

We attended courses, studied, invested in new resources, tools and software to be able to help you grow your business, rather than just track your results at year end. Of course we’ve maintained our core competencies and in fact, took them a step further by maintaining ongoing professional education.

Staying focused on the road ahead.

Now you can benefit from more – more support, more advice, more services and more results. Where accounting has often been about tracking historical results, accounting at Canon Capital has shifted to doing much more than that. Here, we’re focused on mapping out the future for your business and personal financial needs – keeping our eyes firmly on the road ahead and on helping you achieve the results you’re looking for.

Call 215-723-4881 now to make an appointment for a free consultation and needs analysis to discover the difference for yourself.

Sincerely,

Michael S. Witter
Peter J. Roland
Managing Directors

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.

Personal Financial Planning

Our team of PFSs (Personal Financial Specialists) work with individuals in a variety of areas including financial planning, income tax planning, insurance planning, investment planning, charitable planning, and financial independence.

Services Provided by our PFSs:

Retirement Planning & Social Security Planning
Assistance With Drafting Wills, Living Wills, & POAs
Trust Establishment
College Tuition & Scholarship Planning
Personal Net Worth Analysis

Steven L. Moyer

Shareholder & Director

Steve has been with Canon Capital since 1999 and has been practicing in public accounting for over 30 years. He received his BS in Accounting/Business Management with a minor in Psychology from Eastern Mennonite University. He is a member of the American Institute of Certified Public Accountants (AICPA), the Pennsylvania Institute of CPAs (PICPA), the National College Advocacy Group and the AICPA Tax, Personal Financial Planning and the Forensic and Valuation Services sections. Steve specializes in personal and business tax, estate and trust tax planning and preparation, foreign tax issues, personal financial and college planning services, and business tax planning. In May 2025, Steven was one of five accounting professionals nationwide appointed to serve a 12-month term on the AICPA Tax Practice Responsibilities Committee (TPRC). He also has significant experience in church, non-profit, and private foundation tax areas. In addition to being a CPA, he also holds the Personal Financial Specialist (PFS) designation, the Chartered Global Management Accountant (CGMA) and the Certified Specialist in Estate Planning (CSEP) designation. Steve and his wife reside in Souderton. Steve has three children and enjoys traveling, playing sports, gardening, and bicycling.

Business Advisory

At Canon Capital, we know what it’s like to lose sleep over tough business challenges, especially in today’s environment. Our team of Certified Management Accountants (CMAs) have years of experience in working with business owners to create strategies that work. Whether you are looking to grow your business or looking to start, acquire, or sell a business, we will help you work through the issues and make the right decisions.

Services Provided by our CMAs and Business Advisors:

Acquisition & Disposal Strategies
Capital Structure & Entity Advice
Controller Services
Organizational Management