Archives: Posts

QuickBooks Desktop is Going Away: Now What?

Intuit has recently announced the eventual phasing out of the desktop versions of its QuickBooks accounting software. After July 31, 2024, Intuit will no longer issue new subscriptions to these QuickBooks Desktop products:

  • QuickBooks Desktop Pro Plus
  • QuickBooks Desktop Premier Plus
  • QuickBooks Desktop Mac Plus
  • QuickBooks Desktop Enhanced Payroll

Existing users of these products can continue renewing their subscriptions and will receive support and security updates after July 31, 2024. The final sunset date has not yet been shared by Intuit.

 Why move to QuickBooks Online now?

We recommend you make the move to QuickBooks Online sooner rather than continuing with your Desktop version. The advantages of working in cloud-based accounting software outweigh the learning curve.

Increased efficiency

With available online automated accounting services, the information in QuickBooks Online is timely, accurate, and always at hand. From an accounting perspective, this gives you more time to work on your business and allows your CPA to be involved at a higher level to provide guidance as needed.

Increased protection

Using the online version of QuickBooks gives you greater protection from these cyber threats:

  • Data breaches: older software has inadequate safeguards to detect malicious behavior.
  • Fines and denied insurance claims: Cyber Insurance onboarding questionnaires will ask if you are running any software that would be considered “end of support.” Likewise, government compliance standards all require affirming a statement that you are not running any end-of-life or end-of-support software.
  • Extended downtime: due to lack of vendor support as well as data breach or corruption

A cloud-hosted application like QuickBooks Online will avoid these risks, providing:

  • New features and security enhancements
  • Typically have a 99.8% uptime guarantee
  • Known and consistent costs for budgeting purposes
  • Hardware requirements are minimal.
  • Changes that are spread out over time.

Added Benefits

Making the transition from QuickBooks Desktop to QuickBooks Online is a seamless process. After creating the QuickBooks Online account, your most recent desktop data file would be migrated to the new platform. This process will take approximately 24 hours. It may take more or less time, depending on the size of the file being migrated.

After that, you can start enjoying the benefits of using cloud-based software:

  • Secured Storage that Remains Compliant
  • Access From Anywhere
  • Faster Processing
  • Centralized Tasks
  • Real Time Transactions
  • Integration
  • Access to mobile apps for mileage, expenses, etc.

Where do we go from here?

If you’d like to learn more about using QuickBooks Online, our recent webinar provides greater detail in preparing for this change. We recommend viewing the webinar in its entirety.

One source, many services, the right decision.

If you have questions about next steps or if we can be of service, please contact us online or call 215-723-4881.

Canon Capital Management Group Names Chuck Porter, Jr., Co-Director of Wealth Management

We proudly announce the promotion of Chuck Porter, Jr., to Co-Director of Wealth Management.

Chuck joined Canon Capital in 2006 and has been working as a Senior Investment Advisor. In 2018, he was admitted to the company as a shareholder.

Chuck will serve alongside Co-Director Patricia Webb in developing strategic initiatives, guiding the delivery of exceptional client service, and fostering continued growth for the Wealth Management unit.

“We couldn’t be more thrilled to welcome Chuck into this new, well-deserved role,” said Webb. “With his exceptional expertise and unwavering commitment to our clients, I am confident that his passion for our company’s success will bring new dimensions to our team and further elevate our standards.”

Porter is an Accredited Investment Fiduciary who earned a degree in Economics with an emphasis in Personal Financial Service from Widener University.  Porter has also earned a Certificate in Financial Management for the Family Office from Pepperdine University’s Graziadio School of Business and Management.

“As I step into this new role, I’m deeply committed to ensuring that our firm is positioned not only for growth but for sustained success over the long haul.  I could not have reached this milestone without the unwavering support and dedication of our remarkable team of advisors and support staff. Together, we are poised to achieve great things, and I’m excited to continue serving you with the same level of commitment and care,” said Porter.  “I also want to assure my clients that this promotion doesn’t equate to a change of advisor for them. I remain dedicated to serving in an advisory capacity, just as before.”

Welcome the Newest Members of the Canon Capital Management Group Team

Please welcome Andrew Stein and Cherie Strozzieri, who have joined the Canon Capital Management Group team within the last few months.

Andrew SteinAndrew Stein’s financial services industry expertise is demonstrated in his advisory role with clients regarding their investments and planning, ranging from asset growth to retirement income planning. Mentoring is a priority for Andrew, who spends his time outside of work helping to facilitate local sports camps with the Fellowship of Christian Athletes.

 

 

 

Cherie Strozzieri brings extensive experience in corporate, non-profit, and private sector accounting services. She is also a Certified QuickBooks Pro Advisor. In her spare time, she enjoys spending time with family and friends as well as volunteering time to various philanthropic endeavors.

 

 

 

Learn more about our team and how they can be of service to you.

Margaret McCarthy Earns Chartered Retirement Plans Specialist Designation

Please join us in congratulating Margaret McCarthy, Client Relationship Associate at Canon Capital Investment Advisory, on earning the Chartered Retirement Plans SpecialistSM (CRPS®)  designation.

This designation, awarded by the College for Financial Planning, demonstrates McCarthy’s expertise in retirement plan design, installation, and maintenance for businesses, non-profit organizations, and government entities of all sizes.

Her continued commitment to excellence will undoubtedly benefit our clients as they work toward their retirement goals.

For more information about the CRPS® designation and its significance, please visit the College for Financial Planning’s website.

For inquiries about or assistance with retirement planning, feel free to contact us online or call 215-723-4881.

Funding Higher Education

We all want the best for our children – for them to have every opportunity to grow and learn and to make a success of their life. The challenge we face as parents of young is how to properly fund our children’s education without draining our current cash flow.

What should you do if they are a few years away from college and your education fund won’t be enough? How can you increase your chances of getting financial aid? What tax benefits might be available to you? Your professional advisors are able to help you answer these question and any others you may have. With the costs of a college education rising every year, the keys to funding your child’s education are to plan early and invest shrewdly. However, there are steps you can take if you get a late start. Moreover, there are a number of effective techniques for increasing financial aid opportunities and reducing taxes.

The thought of funding your child’s education—the cost of which has grown at about 6% a year— can be mind-boggling. However, proper planning can lessen the financial squeeze considerably, especially if you start when your child is young.

We can help you to make the right financial decisions and begin saving for that college education today.

What’s New in 2024: IRS Mileage, Minimum Wage, and W4s

Welcome to 2024. Let’s look at what’s new for IRS mileage rates, your form W4, and the minimum wage.

IRS Mileage Updates for 2024

The IRS issued new standard mileage rates taking effect starting January 1, 2024:

  • 67 cents for every mile driven for business use (an increase of 1.5 cents from 2023)
  • 21 cents for every mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces (a one-cent decrease from 2023)
  • 14 cents for every mile driven in service of charitable organizations (rate is unchanged from 2023)

Avoid the guessing game and consider using an app like MileIQ to keep track of your mileage throughout the year.

Check Your W4

It’s always a good idea to start each new year with a Paycheck Check-up to make sure your withholdings are set at the appropriate level. Doing so will help avoid any unpleasant surprises at tax time. Download the 2024 form W4 here.

Minimum Wage Updates for People Employed in New Jersey and Delaware

The minimum wage for qualifying employees in New Jersey will increase from $14.13 to $15.13 per hour. Consult this resource from the New Jersey Department of Labor for further information.

The minimum hourly wage in Delaware continues its incremental increase, with the 2024 amount increasing from $11.75 to $13.25, with continued exemptions for employees working in the following areas:

  • Agriculture
  • Domestic service in private households
  • United States Government employees
  • Sales personnel receiving outside commission
  • Executives, Administrators, and Professionals
  • Employees in fishing and fish processing (while at sea)
  • Volunteer workers for educational, religious, or non-profit organizations
  • Junior Camp Counselors working for non-profit summer camps
  • Inmates in Department of Correction work programs

The protocol for tipped employees also remains as follows:

“The minimum cash wage payable to employees who receive tips is $2.23 per hour. Tips may not be taken or retained by an employer except as required by law. Tip pooling is permitted (under certain circumstances) in an amount not to exceed 15% of the actual tips received by the employee.”

We’re Here to Help

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.

2023 Holiday Hours

As the holiday season unfolds, please take note of our upcoming schedule:

  • Friday, December 15: Office closing at noon for our staff luncheon
  • Friday, December 22: Office closing at Noon
  • Monday, December 25: Office closed for Christmas Day
  • Friday, December 29: Office closing at Noon
  • Monday, January 1: Office closed for New Year’s Day holiday
Thank you and we wish you and your loved ones safe, happy, and healthy holidays.

 

 

Having a Baby

Preparing for the pitter-patter of little feet can be such an exciting, heady time that it can be easy to overlook some of the more serious issues relating to this event. As soon as you start your family, financial planning for the future becomes even more essential. How will you finance childcare, medical bills, food, education, clothing, toys, and education savings? What will you need to spend money on and how much will each item cost? It’s important to take into consideration the ongoing costs associated with starting and raising a family. To get you started, here are some of the things you’ll need to factor into your financial planning:

  • Doctor and hospital expenses
  • Nursery furniture and clothing
  • Baby supplies and equipment
  • Formula
  • Childcare
  • Healthcare
  • Toys and clothes
  • Education costs
  • Extra curricular activities (e.g., ballet classes, school camps, sporting events and activities)
  • Doctor and medical expenses
  • Increased insurance

Be certain you’re well prepared. Talk with us today about how best to prepare for a life-changing event such as the birth of a child.

Preparing for Marriage or Divorce

Goodness knows you have more than enough to organize when you’re preparing for a marriage. Not only is it a time filled with excitement and happiness – it’s also a hectic busy time. All too often the financial implications of marriage (and of divorce and re-marriage) are overlooked, or not considered fully in the excitement.

People who have recently changed their marital status or who are planning such a change may have important financial and legal decisions to make. These decisions might deal with property ownership, providing for children’s welfare, postmortem planning and day-to-day finances. You should always consult with your financial advisor to discuss the financial steps appropriate to a change in marital status.

If, at the other end of the scale, you are considering a divorce, it’s imperative that you take appropriate action to plan for the dissolution of the financial partnership in your marriage. Such dissolution involves dividing the financial assets you have accumulated during the years of marriage. If there are children involved, future support given to the custodial parent must be planned for. If you take the time and the correct measures now to prepare and plan for all eventualities, it will pay off later on. As always, you should seek the advice of your professional advisors to ensure you take the steps that are appropriate to your individual situation.