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.
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.
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:
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.
We’re proud to announce that Moriah Randolph has earned her certification from the National Association of Certified Public Bookkeepers (NACPB).
This certification reflects Moriah’s commitment to excellence in bookkeeping and her dedication to providing our clients with precise, dependable financial management.
Congratulations, Moriah, on this well-deserved achievement!
We recently wrapped up our second annual Pack-a-Shoebox Party for Operation Christmas Child, an organization dedicated to bringing hope, joy, and the message of love to children around the world through simple gifts.
Thanks to the enthusiastic efforts of our team, we packed an incredible 53 shoeboxes filled with toys, hygiene items, and school supplies. These boxes are on their way and will soon brighten the lives of children in need, reminding them that they are cared for and not forgotten.
A huge thanks to everyone on our Canon Capital team who participated and contributed to this heartwarming cause. Here’s to making an impact—one shoebox at a time.
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.
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.
UPDATE
On December 3, 2024, a Texas Federal Court granted a nationwide preliminary injunction against the Corporate Transparency Act. The court cited potential constitutional issues with the CTA BOI reporting and felt there was enough injury to warrant this preliminary injunction.
This injunction brings welcome relief to many of the approximately 32.6 million companies working through the filing. The preliminary injunction alleviates the immediate reporting requirements until the constitutionality issue can be settled in courts—most likely the Supreme Court.
Given the commencement of a new administration in 2025, the reporting regulations may be withdrawn or modified next year, or they could be found unconstitutional.
Businesses and individuals that have already filed do not need to take any further action. Those who have not filed are no longer obligated to do so at this time.
As always, we will keep you updated in 2025 when more information becomes available.
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If you’re a small business owner, you may not be aware of a new reporting requirement that could impact your company: the Beneficial Ownership Information (BOI) filing under the Corporate Transparency Act. Overseen by the U.S. Treasury, this obligation applies to most small businesses registered with a secretary of state or similar office.
Here’s what you need to know to stay compliant and avoid potential penalties:
What Is the BOI Reporting Requirement?
Unlike tax filings submitted to the IRS or state authorities, BOI reporting is required by the Financial Crimes Enforcement Network (FinCEN) under the U.S. Treasury. The goal is to enhance corporate transparency and combat illicit activities, such as money laundering.
Deadlines to File
Legal Challenges and Potential Delays
Currently, there is ongoing confusion surrounding BOI filing requirements, driven by court cases and proposed legislation. While some lawmakers are pushing to delay the filing deadline, there’s no certainty that such measures will pass during the post-election “lame duck” session. Given the substantial fines for non-compliance, we recommend filing sooner rather than later.
How to File
The online filing process is straightforward:
Need Assistance?
The team at Canon Capital CPAs is here to answer any questions you may have about the BOI reporting requirement.
With the holiday season approaching, many businesses are considering how to show appreciation to their employees. While thoughtful gestures like gift cards, holiday parties, or personalized presents can boost morale, it’s essential to understand their tax implications. Depending on what you give, the IRS may classify your gift as taxable income to your employees.
Gift cards are always considered taxable income, regardless of the amount, because the IRS views them as equivalent to cash. Gift items like a company-branded mug or a holiday fruit basket may qualify as non-taxable as they are given occasionally and are relatively low in value.
Bonuses—while appreciated—are always considered taxable income, so it’s essential to plan for withholding when issuing them.
A popular option to reward your team and boost morale is to host a holiday party. Expenses for this type of event are generally non-taxable to employees since the event is infrequent and primarily for the benefit of the team.
Our tax and accounting professionals are here to help businesses navigate these IRS guidelines as they seek to show gratitude to their hard-working employees at the holidays and throughout the year.
