Archives: Posts

Pennsylvania Department of Revenue Issues News Electronic Filing Requirement

The Pennsylvania Department of Revenue recently changed the electronic filing requirement threshold for W-2 forms. Employers who file 10 or more W-2 forms with the department are now required to file those forms electronically.

This change is in effect for Tax Year 2018 filings. Employers should visit e-TIDES, the department’s online system for business taxes to file the Annual Withholding Reconciliation Statement (REV-1667), which had a deadline of January 31, 2019. Copies of the individual wage withholding statement (W-2) must also be filed electronically with the form REV-1667. The department will grant a waiver for the 2018 tax-filing season with regard to the electronic filing requirement, but it is encouraging employers to take advantage of this option, which is quick, easy and secure.

This change is part of a larger effort to embrace technology to serve taxpayers better and update departmental operations. The department gains many efficiencies in processing by shifting from paper to electronic records.

To this point, the department continues to receive a large number of W-2 records via fax and on compact discs. It takes significant information technology resources to transfer these records into the department’s computer systems manually. Also, if an employer submits paper W-2s, the department must use an entirely manual process to key the taxpayer’s information into its systems, slowing processing times and increasing the potential for error.

The move toward more electronic filing also helps the department increase the security of taxpayer data and safeguard against tax refund fraud. The change is also in line with other electronic filing requirements the department has implemented for other returns and informational statements.

If you have any questions regarding the electronic filing, please visit the Department’s Business Taxes e-Services Center or call 717-787-7635.

If you have additional questions where we might be of service, please call 215-723-4881 or contact us online.

New W-4 Form for 2019

The IRS has issued the new W-4 form for 2019. This is an ideal time to do a Paycheck Check-up, to ensure you’re having the right amount of funds withheld each pay period.

If you have any questions about your specific situation, please 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.

“Starting Your Own Business” Class with Brent Thompson, CPA CMA CGMA

Are you thinking of starting your own business? Then plan on attending the aptly-named “Starting Your Own Business” class presented by Canon Capital’s Brent Thompson as part of the Souderton Area School District’s Community Education program.

This four-hour class takes place in two, two-hour sessions 7:00 – 9:00 p.m. on Tuesday, February 26 and Thursday, February 28, 2019.

During the class, Brent will cover:

  • Business entity structures and the advantages, disadvantages, and tax ramifications of each.
  • Concepts to help your new venture be more successful.
  • An overview of financing, accounting, insurance, titled assets, home office deductions, auto mileage rules, buy/sell agreements, and more.

Bring any questions you might have to class. Cost is $30.00. Register with SACE online (from the left sidebar of the page select “Evening School,” “Life Planning & Organizing,” and then “Starting a Business.”). View the full program catalog here (Please note, the catalog shows this class as happening in two separate, two-hour sessions. It is one full course presented in the four hours of the two evening sessions.)

Canon Capital is Open for Business in Our New Harleysville Office

We are settling in at our new office, located at 484 Harleysville Pike, Harleysville, PA 19438.  We are awaiting final signage and landscaping. In the meantime, please use the photo in this blog and the directions below to help you travel to our new location. Please note: the main entrance is on the side of the building; not the street-facing entrance.

Directions from Routes 113 & 63

  • Head southwest on Route 113 South (heading toward Lederach/Skippack)
  • Continue on Route 113 South, passing the Harleysville Post Office on your right.
  • Follow Route 113 around the bend and our new office will be on your left.

Directions from Routes 113 & 73

  • Head northeast on Route 113 North (heading toward Harleysville/Souderton)
  • Continue on Route 113 North, through the five points intersection in Lederach
  • Follow Route 113 North; shortly after passing Cheswyck Drive on your right, our building will be on the right.

We look forward to your first visit to our new space, with all four of our business units — CPA, Payroll, Technologies, and Wealth Management — waiting to serve you.

Moving Day is Here: Canon Capital is Moving to New Harleysville Location

Moving Day has arrived! Please note the following regarding our access and availability January 23-28, 2019 as we move our Hatfield and Souderton offices to our new Harleysville location:

Wealth Management
The Wealth Management office is currently in the process of moving. Staff will be accessible via phone and email.

Accounting, Payroll, & Technologies
These business units will begin moving Thursday, January 24. The Souderton office will be accessible until the end of business on Thursday, January 24. Staff will be accessible via phone and email.

There may be delays in communication during this time as we transition to the new location. We are planning that Monday, January 28, 2019 will be our first official day of business in our new location:

484 Harleysville Pike
Harleysville, PA 19438
Click for directions.

Our telephone number (215-723-4881) remains the same.

Thank you.

 

Join us January 29 for a Free Seminar – The Tax Cuts and Jobs Act: What’s New?

Are you a business owner curious about what the new developments will mean for your 2018 return? Then join us Tuesday, January 29 as we, along with QNB Bank and the Indian Valley Chamber of Commerce, share the latest updates, including:

  • NEW Section 199A 20% Passthrough Deduction for S Corps, Partnerships, LLC’s and sole proprietors
  • NEW Partnerships Audit Examination Rules and How to Protect Yourself
  • NEW Bonus Depreciation and Section 179 Limits
  • NEW Pennsylvania 1099 Withholding Requirements
  • NEW Changes in Capital Gains, Mortgage Interest, State and Local Tax Deductions and More

Register with the Indian Valley Chamber of Commerce online or via phone at 215-723-9472 by January 22, 2019.

(Download the event flyer.)

Be Prepared with Our 2018-19 Tax Planning Guide

The full impact of the Tax Cuts and Jobs Act of 2017 will be realized with the filing of 2018 returns. Be prepared by consulting our 2018-19 Tax Planning Guide. Stay up to date with the most recent tax news and the latest facts, with relevant information for individuals, investors, and business owners.

This resource is available to you right now. It is the first item listed on the Useful CPA Links and Resources page of our website.

If you have any questions about this or any other element of your tax planning, we are glad to be of service. Call 215-723-4881 or contact us online.

Canon Capital’s Special Guests Greet Reindeer Runners

On Saturday, December 1, 2018, we continued our annual tradition of providing a water station as participants in the Generations of Indian Valley Annual Reindeer Run complete the unforgiving hill of Main Street Souderton. Our own Sarah Hughes (who finished in first place in her category) and Brian Erkes participated alongside the rest of the reindeer antlered, ugly sweater-wearing runners and walkers. We even spotted Batman! However, they couldn’t top our water station volunteers; Canon Capital’s Mike Witter was joined by The Grinch and the big man himself, Santa Claus. The Reindeer Run benefits the programs of Generations of Indian Valley, including their Meals on Wheels service.

View the complete photo gallery on our Canon Capital Facebook page and the Generations of Indian Valley Facebook page.

Canon Capital Staff News – Congratulations to Bradley Barnhorst, CPA, CFA

Congratulations to Bradley Barnhost on earning his Certified Public Accountant (CPA) designation. Brad joined Canon Capital in 2016 and serves as Investment Committee Counsel to our Wealth Management division.  He is a recognized expert in investment portfolio risk and volatility reduction, with numerous published works in both scholarly and professional journals. He also holds the Chartered Financial Analyst (CFA) designation. In addition to his role here at Canon Capital, he serves as the Chair of the Finance Major program for both the undergraduate and graduate divisions at DeSales University. He has prior experience as an Associate Director for Bear, Stearns & Co. specializing in structured equity products and derivatives geared to mitigating investment risk. He has earned a Bachelor of Arts Degree in Computer Science from Harvard University as well as a Master of Business Administration (MBA) with a concentration in Corporate Finance and Investment Management from Penn State University.