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Three Things to Know for Q1 2025

The start of a new year brings fresh opportunities, but it also brings important financial and security considerations for you and your business. As we move through the first quarter of 2025, here are three updates you need to know.

BOI Reporting and PA Annual Report Filing

The enforcement of the Corporate Transparency Act’s Beneficial Ownership Information (BOI) reporting requirements is currently on hold due to a federal court ruling. This means businesses that have not yet filed do not need to act at this time. However, the situation remains fluid, and reporting requirements may be reinstated later in the year. Stay informed to ensure compliance. Read more.

Starting in 2025, Pennsylvania businesses must file an Annual Report to remain in good standing. This is a new requirement replacing the previous decennial filing system. Reports are due based on your business structure, so be sure to review your deadline and prepare accordingly. Learn more.

Paycheck Calculator—Share with Your Employees

Each tax season, we hear from business owners whose employees are caught off guard by unexpected tax bills. The most common culprit? Insufficient federal tax withholding. To prevent this issue, employees should be encouraged to use the IRS Paycheck Calculator to check their withholding and make any necessary W-4 adjustments. Doing this now can help employees avoid surprises at tax time. Please pass this information along to your team today.

Beware of Tax Season Scams

Tax season is a prime time for scammers looking to steal sensitive financial information. Fraudulent emails, phishing attempts, and fake IRS messages increase significantly this time of year.

Remember:

  • Never click on links or open attachments from unknown senders.
  • Verify any tax-related emails by contacting the sender directly.
  • Be wary of urgent messages requesting sensitive information.

If something seems suspicious, trust your instincts and consult your IT team before taking any action.

Need assistance? We’re here to help. Call 215-723-4881 with any questions.

To Souderton Office

From Quakertown area (Routes 309 & 663):

  • Follow Route 309 South/South West End Boulevard
  • Take PA-113 Exit toward Souderton
  • Turn right onto PA-113 South
  • Continue to follow Route PA-113 South for .8 miles
  • Turn right onto North Main Street
  • Continue to follow North Main Street for .5 miles
  • Turn right onto Summit Street
  • Turn right into parking lot

From PA Turnpike-Lansdale Exit:

  • Turn left onto Route 63 East/Sumneytown Pike
  • Turn left onto Route 63 East/Forty Foot Road
  • Continue to follow Forty Foot Road for 1.3 miles
  • Turn left onto Allentown Road
  • Continue on Allentown Road for .9 miles
  • Take 3rd right onto Derstine Road
  • Continue on Derstine Road for 1.7 miles
  • Turn left onto Cowpath Road
  • Continue on Cowpath Road for 1.3 miles
  • Turn right onto West Broad Street
  • Continue on West Broad Street for 1.1 miles
  • Turn left onto North Main Street
  • Continue to follow North Main Street for .5 miles
  • Turn right onto Summit Street
  • Turn right into parking lot

From Collegeville area (Routes 113 & 29):

  • Follow Route 113 North for 11.5 miles
  • Make slight right onto North Main Street
  • Turn left onto Summit Street
  • Turn right into parking lot

From Montgomeryville (Five-points intersection):

  • Follow Route 309 North for 6 miles
  • Take PA-113 Exit toward Souderton
  • Turn left onto PA-113 South
  • Continue to follow Route PA-113 South for .8 miles
  • Turn right onto North Main Street
  • Continue to follow North Main Street for .5 miles
  • Turn right onto Summit Street
  • Turn right into parking lot

Ashley Hillman

Payroll Administrative Support

Ashley joined our Payroll team in December 2019, where she provides administrative support. A graduate of Montgomery County Community College and Temple University, Ashley brings her experience as a Finance & Insurance Manager at an auto dealer and as an Inheritance Specialist. In her free time, she recharges by reading, biking, or camping. Ashley lives in Telford with her husband and their two sons.

To Hatfield Office

From Quakertown area (Routes 309 & 663):

  • Follow Route 309 South/South West End Boulevard for 11.1 miles
  • Turn right onto Bergey Road
  • Continue on Bergey Road for 1.5 miles
  • Turn right onto Cowpath Road
  • Take 1st left onto Derstine Road
  • Continue on Dertsine Road for 1.3 miles
  • Turn left onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

From PA Turnpike-Lansdale Exit:

  • Turn left onto Route 63 East/Sumneytown Pike
  • Turn left onto Route 63 East/Forty Foot Road
  • Continue to follow Forty Foot Road for 1.3 miles
  • Turn left onto Allentown Road
  • Continue on Allentown Road for .9 miles
  • Take 3rd right onto Derstine Road
  • Continue on Derstine Road for .4 miles
  • Take 3rd right onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

From Collegeville area (Routes 113 & 29):

  • Follow Route 113 North for 3.3 miles
  • Turn right onto Route 73/Skippack Pike
  • Continue on Route 73/Skippack Pike for 1.1 miles
  • Turn left onto Old Forty Foot Road
  • Continue on Old Forty Foot Road for 3.1 miles
  • Turn right onto Route 63 East/Sumneytown Pike
  • Continue on Route 63 East/Sumneytown Pike for .6 miles
  • Turn left onto Route 63 East/Forty Foot Road
  • Continue to follow Forty Foot Road for 1.3 miles
  • Turn left onto Allentown Road
  • Continue on Allentown Road for .9 miles
  • Take 3rd right onto Derstine Road
  • Continue on Derstine Road for .4 miles
  • Take 3rd right onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

From Montgomeryville (Five-points intersection):

  • Follow Route 463 West/Cowpath Road for 4.6 miles
  • Turn left onto Derstine Road
  • Continue on Dertsine Road for 1.3 miles
  • Turn left onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

Andre Leatherman

PC Networking Technician

Andre Leatherman has been working in the IT field, in help desk support and troubleshooting, since 2014. Andre joined the Canon team in February 2019 as a PC Networking Technician. He resides in Souderton where he enjoys spending time with his wife, their family, as well as playing piano, guitar, and drums, talents he frequently shares while volunteering on the worship team at Towamencin Mennonite Church.

FinCEN Halts Corporate Transparency Act Enforcement: What It Means for Your BOI Reporting

In keeping with the Department of Treasury’s communicated commitment to reduce regulatory burden on businesses, FinCEN announced on Thursday, February 27, 2025, that it will pause enforcement actions and not issue fines or penalties against companies for failing to file or update beneficial ownership information (BOI) reports. This is pursuant to the previously promulgated Corporate Transparency Act (CTA) reporting deadlines. Refer to the FinCEN announcement at FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines | FinCEN.gov.

Given the recent legal and legislative developments and related confusion and uncertainty surrounding CTA/BOI reporting, FinCEN’s announcement pausing reporting deadline enforcement is welcome relief for reporting companies and professionals providing CTA/BOI-related services to reporting companies.

FinCEN noted its intent to issue an interim final rule by March 21, 2025, with updated guidance on extending BOI reporting deadlines. In addition, FinCEN stated it plans to seek public comment on potential revisions to existing BOI reporting requirements and will consider those comments as part of a notice of proposed rulemaking to be issued later this year to determine whether modifications to the reporting deadlines are warranted.

PA Annual Filing Update

It is very important to note that the Federal BOI announcement above is different than the new PA Annual Report Filing reports that are currently due. As a reminder, we cannot file these reports, so we encourage you to do so as soon as possible. For more information, see the following:

Here is a summary of the Annual Report filing requirement, providing extremely helpful information to answer questions and start the filing process.

Further help, with step-by-step instructions and screenshots, can be found at How to File an Annual Report (PDF).

As always, we will keep you informed on these and other topics affecting you and your business.

Souderton office to Hatfield office

  • From Summit Street, turn left onto North Main Street
  • Continue on North Main Street for .5 miles
  • Turn right onto West Broad Street
  • Continue on West Broad Street for 1.1 miles
  • Turn left onto Cowpath Road
  • Follow Cowpath Road for 1.3 miles
  • Turn right onto Derstine Road
  • Continue on Dertsine Road for 1.3 miles
  • Turn left onto Funks Road
  • Continue on Funks Road for .3 miles
  • Turn right into drive

Disaster Recovery

Is your business ready for a disaster?

It seems like there is always a story in the news of some natural disaster – tornadoes, earthquakes, hurricanes, and wildfires.  It makes me wonder:  “Is there really any place that is safe, or immune from such calamity?” Of course, the answer is no. Therefore, this would be a great time for you to fine tune or implement a disaster recovery and business continuity plan for your business.

Disaster recovery is being able to continue your business critical functions after an unforeseen interruption.   It is easy to see how something “big” like the disasters mentioned above can severely impact your business. But what about more common “disasters” such as a power outage, internet going down, a server malfunctioning or simply unplugging a piece of equipment accidentally?   Ideally, your business continuity plan will allow you to recover your programs and data to a point very close to when the disaster occurred.

When putting together a disaster recovery plan, many factors need to be considered. First and foremost is your data.  Ask yourself, “How is my data being backed up? How would I get to that data in the event of a disaster?”   A common mistake most people make is to faithfully do a backup of their data, and then leave the backup media (disk, flash drive, tape, etc.) in the same building – or even the same room – as their computer systems or servers.  If the building were to burn down, your backup would go with it and you would be left with nothing to recover from.

One way to begin developing a business continuity plan is to define the word “disaster” in the context of your business.  Ask yourself “What level of interruption do I need to protect my business from? Can I afford to be down (without computer system, programs, data for example) for 1 day, 1 week, 1 hour?  How long can I afford to be without power, telephones or internet access?”   Answering these questions will help to give some shape to your plan. If you can afford to be down for a week, then you will not need as much in the way of redundant systems and infrastructure which will save on up front and ongoing costs.  However, if you really cannot afford to be down for more than a few hours, a more comprehensive plan will need to be developed.  This may include redundant hardware and telecom circuits, standby or backup servers, off site backups, and perhaps moving towards cloud (internet hosted) services for some of your mission critical applications.

As your trusted technology advisors, we are here to help you navigate the development, implementation, and ongoing testing of a business continuity solution. If you have any doubts about your emergency plan, it would be our privilege to work with you in developing a solution that brings you security and peace of mind.

Everything You Need to Know About Pennsylvania’s New Annual Report Filing Requirement for 2025

Beginning in 2025, most businesses will have to file a new annual report with the Commonwealth of Pennsylvania. Exceptions include general partnerships, authorities, fictitious names, financial institutions, and other very narrowly defined business types. There are no exceptions according to the size of the business entity.

Annual filing reports must be filed online, and there is a $7 fee (except for non-profits).

Filing deadlines are as follows:

  • Corporations and non-profits: June 30, 2025
  • Limited Liability Companies: September 30, 2025
  • Limited Partnerships: December 31, 2025

The Pennsylvania Department of State is supposed to mail notices of reminders to file but will not be doing so until two months prior to each deadline. Knowing that mail is not always reliable, we would encourage you to file your annual report now.

Here is a summary of the Annual Report filing requirement, providing extremely helpful information to to answer questions and start the filing process.

Further help, with step-by-step instructions and screenshots, can be found at How to File an Annual Report (PDF).

The filing of this annual report is different from the filing requirement for the Beneficial Ownership Information (BOI) from the federal government. Many other states already have an annual report filing requirement, so we do not expect the court challenges or implementation issues that we have seen regarding BOI filing. We would encourage you to file this annual report with the Commonwealth of Pennsylvania now.

BOI Reporting Still on Hold After Supreme Court Ruling

We want to provide a new update regarding the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

On January 23, 2025, the U.S. Supreme Court issued a stay of a nationwide injunction previously put in place by a district court in Texas (Texas Top Cop Shop, Inc. v. Garland No. 4:24-CV-478 (E.D. Texas 12/3/24)). Despite this development, it’s important to note that a separate injunction from another Texas court (Smith v. U.S. Department of Treasury (January 7, 2025) U.S. Dist. Court, Eastern Dist. of Texas, Case No. 6:24-CV-336)) remains in place.

The Financial Crimes Enforcement Network (FinCEN) announced on January 25, 2025, that reporting companies covered by the BOI reporting requirement do not have to file the reports (and cannot be penalized for not filing) while an injunction remains in place.

However, any small businesses that fall under the CTA may still choose to submit BOI reports voluntarily.

In legislative developments, two bills, HR 425 and S 100, have been introduced in Congress to repeal the Corporate Transparency Act.

As always, we will stay on top of the fast-changing status of this law and keep you informed of all developments as they occur.