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.
Welcome to 2025! Here’s a quick overview of IRS 2025 mileage rates, changes to minimum wage laws in Delaware and New Jersey, and a reminder to review your W-4 for the new year.
2025 IRS Mileage Updates
According to the IRS, the standard mileage rates for 2025 (effective January 1, 2025) are:
Tip: Consider using an app like MileIQ (or a similar mileage-tracking tool) to keep accurate records of your mileage throughout the year—no more guesswork at tax time.
Check Your 2025 W-4
As the new year begins, it’s a good practice to review and, if needed, update your federal income tax withholdings by conducting a “Paycheck Check-up.” Staying proactive with your withholdings helps prevent unexpected surprises during 2025 tax season. You can access the most recent version of the Form W-4 here.
Use the IRS Tax Withholding Estimator on their website to gauge whether you need to adjust your withholdings.
Minimum Wage Updates for New Jersey and Delaware in 2025
New Jersey
Starting January 1, 2025, New Jersey’s minimum wage will increase from $15.13 to $15.49 per hour for most employees, marking an hourly rise of $0.36. Special categories such as agricultural workers and long-term care facility staff will see tailored increases, with agricultural wages rising to $13.40 per hour and direct care workers earning $18.49 per hour. Employers must also note that the minimum cash wage for tipped employees will increase to $5.62 per hour, with employers ensuring the total compensation meets or exceeds the state’s minimum wage standards.
Delaware
Delaware’s minimum wage increases from $13.25 to $15.00 per hour as of January 1, 2025. However, exemptions still apply to certain employee categories, including:
Tipped employees in Delaware must receive a minimum cash wage of $2.23 per hour, with tip pooling allowed under certain conditions, not exceeding 15% of the tips earned, and employers cannot retain tips unless required by law.
Stay Compliant and Informed in 2025
We are here to keep you informed and take the stress out of payroll. 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.
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.
The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been temporarily halted following recent court rulings.
On December 26, 2024, the 5th Circuit Court reversed an earlier stay, reinstating a preliminary injunction that prevents the Financial Crimes Enforcement Network (FinCEN) from enforcing the BOI filing requirements:
“However, in order to preserve the constitutional status quo while the merits panel considers the parties’ weighty substantive arguments, that part of the motions-panel order granting the Government’s motion to stay the district court’s preliminary injunction enjoining enforcement of the CTA and the Reporting Rule is VACATED”
This ruling concludes that, while the court considers the appeal, the injunction stands, and BOI reporting is not required until a court decision is reached, providing a clear status update.
We will keep you updated as matters develop.
Days after a judge in Texas ruled that a nationwide preliminary injunction barring FinCEN from enforcing the Corporate Transparency Act (CTA) would stand, the U.S. Court of Appeals for the Fifth Circuit has declared the opposite. In a December 23, 2024 ruling, a unanimous Fifth Circuit bench granted the government’s emergency motion for a stay pending the appeal.
The reversal means that the businesses that are required to file BOI reports must now do so during the appeal process.
In response to the Court decision, the Financial Crimes Enforcement Network (FinCEN) has granted a short extension.
Extended Deadlines for Existing Companies
Companies created or registered before January 1, 2024, must file their initial BOI reports by January 13, 2025 (extended from January 1, 2025).
Extensions for Recently Registered Companies
Companies registered between September 4, 2024, and December 23, 2024, now have until January 13, 2025, to file their BOI reports.
Companies registered between December 3, 2024, and December 23, 2024, receive an additional 21 days from their original filing deadline.
Disaster Relief Extensions
Depending on their circumstances, companies qualifying for disaster relief may have filing deadlines beyond January 13, 2025.
New Companies Starting in 2025
Companies registered on or after January 1, 2025, must file their BOI reports within 30 days of their creation or registration becoming effective.
You can find information and file your BOI reports at www.boiefiling.fincen.gov.
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.
Canon Capital Management Group, LLC (Canon Capital) provides integrated financial and business services to businesses, individuals, government entities and non-profit enterprises.
Canon Capital has built a large base of satisfied clients that trust our competent and capable professionals with their estate planning, financial planning, investments, tax reporting, payroll, technology and business consulting needs.
No longer is it necessary to rely on different sources of information and advice. Canon Capital provides a single source of financial and business services to help you make the right decisions.
