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When considering the Ukraine/Russia crisis, Canon Capital’s Wealth Management team primarily considers different scenarios and evaluates the risk to both our portfolio construction and specific investments.  The goal is to minimize downside exposure while remaining in a position to take advantage of upside gains. We have particularly looked at our investments’ exposure to interest rate risk, as this crisis has the potential to accelerate measured inflation and central banks’ reactions to those readings. Commodity exposure was also scrutinized at our most recent session, as Russia has a particularly outsized presence in energy and metals.  While a reasonably contained conflict will probably have minimal impact on corporate earnings, companies with specific exposure to the Russian economy may be impacted.  Should the conflict escalate, there is potential for a greater impact on macroeconomic factors, and though we think it unlikely at this juncture, it is still a scenario that we will be vigilant for and take appropriate steps to adjust for, if necessary.

Bradley Barnhorst, CFA, is a Canon Capital Investment Advisory Committee Member, Chair of Finance at DeSales University, and an Author.

There’s more to processing payroll than providing your employees with compensation each pay period. Payroll teams must keep up with the latest requirements, from overtime laws and federal forms to minimum wage and tax law updates. This has only intensified since the pandemic began.

Many small businesses that take care of their payroll in-house are feeling the crunch. Whether this is due to staff shortages courtesy of “The Great Resignation” or, at the other end of the spectrum, an increased workload because of business growth, now is an ideal time to consider outsourcing your payroll.

When you entrust your payroll to our payroll professionals at Canon Capital, you’ll gain our years of experience and up-to-the-minute expertise.

With our help, you will:

Maintain Tax Compliance

We keep up with the latest information on federal, state, and local taxes. So whether you’re self-employed, a non-profit, or a for-profit with staff in the hundreds, we have the knowledge to process your payroll correctly and in compliance with current tax requirements.

We can also prepare your tax liability deposits, quarterly returns, and annual returns. We customize the program that best suits your needs.

Cut Down on Payroll Errors

Payroll is all we do every day. We focus on your account so you can focus on running your business.

Enjoy the Convenience of our Employee Self-service Portal

Your employees will be able to see their payroll stubs on-demand, thanks to the Employee Self-service Portal that is part of our service package.

Save Time

It’s simple. We save you time. You submit your payroll data each pay period and we do the rest.

Let us take the hassle out of your payroll processing. Call 215-723-4881 or contact us online to receive a custom quote.

Earlier this month we presented a webinar with our co-sponsor Harleysville Bank via the Indian Valley Chamber of Commerce. The session outlined an overview of the 2022 tax season – including planning ideas you can still take advantage of for the 2021 tax year – a legislative outlook, and business retirement plan options.

If there is a portion of the webinar you’d like to revisit or if you were unable to attend the live session, you may view it at your convenience via the Indian Valley Chamber YouTube channel or click the image below. You may also access a PDF file of the presentation slides here.

If you have questions specific to your situation, we are happy to be of service. Please call us at 215-723-4881.

The 2022 tax season is underway. You may be wondering if there are planning ideas you can still take advantage of for the 2021 tax year. Will there be a new tax bill that could still affect 2021 tax returns? Will there be additional business relief in response to the ongoing surge in the Omicron variant of COVID-19?

Please join us Friday, February 4, 2022, from 8:00 a.m. – 9:15 a.m. via Zoom for a session with Steven Moyer, CPA/PFS, CGMA, CSEP; Brent Thompson, CMA, CGMA, CPA; and Chuck Porter, Jr., Senior Investment Advisor as we discuss these questions and more, including:

• COVID Relief, including Employee Retention Credits and PPP Forgiveness for business and Advance Child Tax Credits for individuals
• Build Back Better Plan status and any new proposed legislation
• Planning for year-end and for the 2022 tax year for both businesses and individuals
• Business retirement plan options
• Status of the IRS and best practices for filing your 2022 tax returns to avoid issues
• Update on New Accounting for Lease Standards effective January 1, 2022

We are proud to be presenting this with our co-sponsor Harleysville Bank via the Indian Valley Chamber of Commerce.

This event is free of charge but you must register to receive the Zoom link. Please register here by February 2, 2022.

As of January 1, 2022, the IRS standard mileage rates for the use of a vehicle (car, van, pick-up truck, or panel truck) for business, charitable, medical, or moving purposes are:

• 58.5 cents for every mile driven for business use (an increase of 2.5 cents from the 2021 rate)
• 18 cents for every mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces (an increase of 2 cents from the 2021 rate)
• 14 cents for every mile driven in service of charitable organizations (no change from the 2021 rate)

Keep track of your mileage throughout the year using an app like MileIQ. It could save you a headache later. We talk about the importance of tracking your mileage in this blog post.

Please don’t hesitate to call 215-723-4881 or contact us online with any questions.

The IRS has issued the new W-4 form for 2022. The W-4 form underwent a major change in 2021. If this affected the bottom line of our 2021 tax return, we highly recommend doing a Paycheck Check-up so you can make any adjustments to your withholdings. We have a step-by-step guide available to you here.

If you have any questions about your specific situation, please always consult with your tax advisor. If you do not currently have a tax advisor, we welcome the opportunity to serve you. Please call 215-723-4881 or contact us online.

Most minimum wage earners in New Jersey received a raise of $1 per hour as of January 1, 2022. The new minimum hourly wage is $13.00, part of a scaled increase that will see it rise to $15.00 by 2024. Small businesses as well as seasonal and agricultural employers are obligated to raise their minimum wages on an extended timeline. More details are available here.

State lawmakers in Delaware are also on track to achieve a minimum $15.00 hourly wage for most workers by 2025. As of January 1, 2022, the minimum wage in Delaware rose from $9.25 to $10.50 per hour.

In Pennsylvania, state employees earn a minimum wage of $12.00 per hour. Philadelphia municipal employees earn a minimum hourly wage of $14.25, which will increase to $15.00 in July 2022. Elsewhere in Pennsylvania, the minimum wage remains at the current Federal rate of $7.25 per hour.

We are here to answer any questions regarding these changes or any other concerns related to your payroll. Call 215-723-4881 or contact us online.

For the fourteenth consecutive year, Canon Capital Wealth Management has achieved CEFEX (Centre for Fiduciary Excellence) recertification. The CEFEX recertification assures Canon Capital Wealth Management’s continued place among an elite group of investment advisory firms certified in this global program.

CEFEX certification helps determine the trustworthiness of investment fiduciaries, providing an independent recognition of a firm’s conformity to a defined Standard of Practice as described in the handbook “Prudent Practices for Investment Advisors.” More information about the CEFEX designation is available via this brief video.

“This CEFEX certification confirms that we value the importance of having a documented investment process,” said Patricia Webb, Director of Canon Capital Wealth Management Services. “This designation allows our clients to have added confidence that our firm is monitored annually by an independent third party and that their investment strategies are being cared for in a prudent manner.“

A copy of our certification information and certificate can be viewed here.

Canon Capital Management Group has recently acquired Yzzi and Company, a tax, bookkeeping and business advisory practice which had served clients from its Harleysville base for over 30 years. We look forward to continuing to serve Yzzi and Company’s clients, with Yzzi and Company’s founder, Nick Yzzi, working on the Canon Capital team part-time during tax season. In addition, we welcome former Yzzi and Company employee Laura Eisenschmied, who has joined us as an Accounting Paraprofessional.

“We extend a warm welcome to Yzzi and Company’s clients and look forward to providing them with excellence and care for many years to come,” said Steven Moyer, Owner & Director of Tax Services at Canon Capital. “We are glad that Nick Yzzi will remain with us on a part-time basis, and we welcome Laura Eisenschmied to the Canon family.”

We have also recently welcomed the following professionals to our team:

Blake Detwiler, Staff Accountant

A graduate of Messiah University, Blake Detwiler brings his experience in banking, accounts payable, and accounting. He has recently become a Certified ProAdvisor for QuickBooks Online (QBO) and is currently studying for the CPA exam.

Ashley Hillman – Payroll Administrative Support

Ashley Hillman is a graduate of Montgomery County Community College and Temple University who has worked as an Inheritance Specialist and as an automotive Finance & Insurance Manager.

Christopher M. McDonnell, CPA – Senior Accountant

Christopher M. McDonnell is a CPA with extensive public accounting experience. A graduate of Immaculata University, he is a member of AICPA and PICPA.

Moriah Randolph – Accounting Paraprofessional

Moriah Randolph earned her Associate of Applied Science degree in Accounting at Montgomery County Community College and is a Certified ProAdvisor for QuickBooks Online (QBO).

Andrew Shapowal, CPA – Senior Accountant & Digital Asset Specialist

Andrew Shapowal is a CPA and Messiah College graduate specializing in public accounting. A member of AICPA, PICPA, and DACFP, Shapowal is pursuing his Personal Financial Specialist (PFS) credential.

We are always glad to be of service for your accounting, wealth management, payroll, and technologies needs and are available online or via phone at 215-723-4881.