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 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.
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.
We are hiring for multiple positions. Are you an experienced tax preparer, senior accountant, or manager looking to take your career to the next level? Are you looking for a flexible, collaborative team environment where you can manage your own client base, advance quickly, and be rewarded for your contributions? Are you looking for an extremely broad work and learning experience? If you have 2-10 years of experience in tax preparation and accounting, we have very exciting opportunities and positions for you. Sound like a perfect fit? Click here to learn more about the role and apply now.
We provide unparalleled support and personal service. Our reputation for providing accurate, on-time payroll makes us different from the competition We customize our services to match your company’s individual needs to serve any size group or program.
We offer competitive prices and responsive service. Our competitive fees keep your payroll costs down while our in-house expertise adds value to the payroll process. With the support of our Certified Public Accounting and Technologies departments, Canon Capital can answer your questions quickly and be responsive to your special needs.
We eliminate the pain of in-house payroll processing. By providing services not always available with other payroll groups, such as withholding and reporting local and LST taxes, Canon Capital takes the effort out of payroll. From the simple conversion and start-up through comprehensive, easy-to-read reporting, our payroll services save you time, money and stress.
Amanda first joined Canon Capital in January 2013 and we are pleased to welcome her back to our team as of August 2022. Amanda’s previous career milestones include working as a Financial Controller for African Bible Colleges in Malawi, Africa. She received her BA in Business from Covenant College. Amanda resides in Palm with her husband and four children. In her free time, Amanda enjoys volleyball, biking, traveling, and spending time with her family.
Welcome to 2025! Here’s a quick overview of IRS 2025 mileage rates, changes to minimum wage laws in Delaware and New Jersey, and a reminder to review your W-4 for the new year.
2025 IRS Mileage Updates
According to the IRS, the standard mileage rates for 2025 (effective January 1, 2025) are:
Tip: Consider using an app like MileIQ (or a similar mileage-tracking tool) to keep accurate records of your mileage throughout the year—no more guesswork at tax time.
Check Your 2025 W-4
As the new year begins, it’s a good practice to review and, if needed, update your federal income tax withholdings by conducting a “Paycheck Check-up.” Staying proactive with your withholdings helps prevent unexpected surprises during 2025 tax season. You can access the most recent version of the Form W-4 here.
Use the IRS Tax Withholding Estimator on their website to gauge whether you need to adjust your withholdings.
Minimum Wage Updates for New Jersey and Delaware in 2025
New Jersey
Starting January 1, 2025, New Jersey’s minimum wage will increase from $15.13 to $15.49 per hour for most employees, marking an hourly rise of $0.36. Special categories such as agricultural workers and long-term care facility staff will see tailored increases, with agricultural wages rising to $13.40 per hour and direct care workers earning $18.49 per hour. Employers must also note that the minimum cash wage for tipped employees will increase to $5.62 per hour, with employers ensuring the total compensation meets or exceeds the state’s minimum wage standards.
Delaware
Delaware’s minimum wage increases from $13.25 to $15.00 per hour as of January 1, 2025. However, exemptions still apply to certain employee categories, including:
Tipped employees in Delaware must receive a minimum cash wage of $2.23 per hour, with tip pooling allowed under certain conditions, not exceeding 15% of the tips earned, and employers cannot retain tips unless required by law.
Stay Compliant and Informed in 2025
We are here to keep you informed and take the stress out of payroll. If you have any questions about these updates or any other payroll or accounting matter, please don’t hesitate to call 215-723-4881 or contact us online.
We will perform a free Technology Review for your business! This service is performed at your location, and includes over 40 inspection points on your computer systems, peripherals and software. We will inspect items such as:
Upon completion of the on site Technology Review our analysts will evaluate your information back at our office. We will then provide you with a professional document which outlines your current systems and software, areas of strength, and areas that need improvement WITH specific suggestions for increasing efficiency and profitability.
Please call Kent Gerhart at 215-723-4881 x131 to arrange for your free Technology Review today.
Cherie began working at Canon Capital in 2023, bringing over 30 years of experience in corporate, non-profit, and private-sector accounting services. She has specialized in outsourced accounting services and automated accounting integrations for more than 10 years. Cherie earned her BS in Business Administration from Albright College and is currently working to obtain her license as a Certified Accounting Paraprofessional. She is also a Certified QuickBooks Pro Advisor. When not working, she enjoys spending time with family and friends and volunteering time to various philanthropic endeavors.
The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been temporarily halted following recent court rulings.
On December 26, 2024, the 5th Circuit Court reversed an earlier stay, reinstating a preliminary injunction that prevents the Financial Crimes Enforcement Network (FinCEN) from enforcing the BOI filing requirements:
“However, in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments, that part of the motions-panel order granting the Government’s motion to stay the district court’s preliminary injunction enjoining enforcement of the CTA and the Reporting Rule is VACATED”
This ruling concludes that, while the court considers the appeal, the injunction stands, and BOI reporting is not required until a court decision is reached, providing a clear status update.
We will keep you updated as matters develop.
