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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.

Our Mission

To assist our Clients in achieving their goals and in obtaining satisfaction by providing innovative, high-quality, personalized service; to provide an environment that will allow the members of our firm to grow individually recognizing the  importance of family to each member; to be giving members in our profession and community; to maintain the highest level of professional ethics and independence; and to recognize that  success is not necessarily defined by money or status, but by happiness in our daily lives.

To ensure that the client ultimately obtains the greatest benefit, we look at all  aspects of our clients’ financial position. Our firm is strictly fee-only which means we do not have the potential bias of having to make commission sales, therefore we can always be objective and keep the clients’ best interests first and foremost. We are our clients’ greatest advocate and realize that our growth and well-being is dependent upon how well we assist our  clients’ growth and well-being.

We stress the right of privacy and confidentiality regarding our clients’ personal and business information. Our relationships are built on trust and we will do everything in our power to earn and ensure that trust.

How we take advantage of the Internet

By giving our clients the ability to access information concerning their accounts. We use the internet to gather investment information which we pass along to our clients. We also use the internet to individually communicate with our clients.

These tools help in our search for sound investment opportunities, as well as in our effort to track them. Not only is the Net a useful tool when we are initially looking for a new company to invest in, but it is also useful for tracking news and earnings changes for the companies we have already bought, or identified as a potential buy.

This tracking is done automatically and electronically so that we do not have to rely on memory, or manual systems to do it. Each day our electronic  mail-boxes are filled with press releases, earnings changes, and key stories effecting the stocks and industries that we own or are considering the purchase of.

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.

$25 Referral Bonus for Payroll Clients

Valued customers like you are the foundation of our success.

Refer a business associate to Canon Capital Payroll Services and receive $25.00 off your next payroll invoice. When they become a Payroll Services client, your next payroll is free!

For more details, please call and ask for Vicki Barnes at extension 150.

Canon Capital Management Group, LLC
484 Harleysville Pike
PO Box 228
Harleysville, PA 19438
Phone: 215-723-4881

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.

 

 

With Each Payroll

Canon Capital Payroll Services will process your company’s payroll for you quickly and easily, giving you more time to run your business.

Provides with each Payroll

  • Payroll Checks and/or Direct Deposit Vouchers
  • Payroll Register
  • Payroll Input Sheet
  • Deduction Registers

Preparation of Tax Liability Deposits

  • Federal and State Withholding
  • Federal and State Unemployment
  • FICA
  • Local Taxes
  • LST(formerly OPT/EMST)

Preparation of Quarterly Tax returns

  • 941 Federal
  • State Withholding
  • State Unemployment
  • Local
  • LST(formerly OPT/EMST)

Preparation of Annual Tax Returns

  • W-2’s, Federal, State, and Local W-3’s
  • 940 FUTA

Optional Services Include:

  • Customized Reports
  • Check Signatures, Stuffing
  • QuickBooks GL Interface
  • 1099 & 1096 Preparation
  • Other Options to meet our clients’ needs

Spreading Holiday Cheer: 48 Shoeboxes Stuffed with Love at our Operation Christmas Child Party

‘Tis the season for our annual Operation Christmas Child project. Members of our Canon team spent their lunch breaks participating in a shoebox stuffing party. We packed 48 total boxes of toys, necessities, and other surprises to delight children in need this holiday season. Special thanks to Linda Covel from our Payroll and CPA business units who not only set up our project, but she also serves year-round as a volunteer for Operation Christmas Child.

Optional Services

  • 1099 Payments
  • 1096 Annual Preparation
  • New Hire Reporting
  • FICA Tip Credit Report
  • Workers Compensation Report
  • Labor Distribution Report
  • General Ledger Report
  • Vacation/Sick Accrual Report
  • 401(k) Report
  • Check Reconciliation Report
  • Certified Payroll Report
  • Customized Reports
  • Direct Deposit Service
  • Vacation/Sick Accrual Tracking
  • Job Costing/Labor Allocation
  • Check Signature
  • Checking Stuffing
  • Delivery (Delivery service currently on hold during the COVID-19 pandemic.)
  • QuickBooks GL Interface

QuickBooks Desktop is Going Away: Now What? Find Out at Our Webinar on January 11, 2024

Intuit, the owner of QuickBooks, is accelerating the sunset of QuickBooks Desktop versions. This will have a major impact over the coming year on anyone using these desktop versions of the software.

Please plan to join us Thursday, January 11, 2024, when Canon Capital team members Brent Thompson, Craig Covington, and Cherie Strozzieri will present QuickBooks Desktop users with options for this transition, including:

  • Making the move from QuickBooks Desktop to QuickBooks Online.
  • The transition, functionality, and integration of QuickBooks Online and the future of efficient, automated, accounting services.
  • Latest trends in accounting program integration and automated accounting services.
  • The broader technical implications of online security, acceptable use policies, and business continuity issues that come with utilizing online programs.

This presentation is not exclusive to Canon Capital clients. Please feel free to share this opportunity with those who you feel will benefit from this information.

If you are a Canon Capital client, we ask that you please consult with a member of our Canon Capital team prior to making any changes to your current QuickBooks set-up so we can ensure a smooth transition.

Register for the webinar here. The registration deadline is Tuesday, January 9, 2024. After registering, you will receive a confirmation email containing information about joining the meeting.