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Our Value Proposition

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.

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.

Christopher M. McDonnell

Manager

Christopher joined Canon Capital in June 2021. He is a CPA with a wealth of public accounting experience. Christopher graduated from Immaculata University with a Bachelor of Science in Accounting. He is a member of AICPA and PICPA and currently serves as the treasurer of the Indian Valley Chamber of Commerce. In his free time, you can find Christopher surfing, reading, or working on home improvement projects in the Pennsburg home he shares with his wife, Kaitlin, and son, Calvin.

 

Elevate Your Accounting Career at Canon Capital Management Group

We are hiring for multiple positions. Are you an experienced tax preparer, senior accountant, or manager looking to take your career to the next level? Are you looking for a flexible, collaborative team environment where you can manage your own client base, advance quickly, and be rewarded for your contributions? Are you looking for an extremely broad work and learning experience? If you have 2-10 years of experience in tax preparation and accounting, we have very exciting opportunities and positions for you. Sound like a perfect fit? Click here to learn more about the role and apply now.

Company Profile

A Note from the Managing Directors

Here at Canon Capital, the entire team is committed to helping you grow and preserve your wealth. In fact, that’s been our underlying focus since this practice was first formed in 1987.

At that time, we identified a need for accounting services in the region and we set about creating a practice that could successfully support clients’ taxation, taxation planning, and more.

Since then the practice has successfully helped over a thousand clients, all with similar needs to you and many facing challenges that might also be similar to yours. Our team has grown from just 5 to 35 members.

 

We’ve come a long way.

Other changes have taken place too. Some time ago we became aware of a number of business clients who were grappling with so many different issues that we wanted to help. We wanted to be able to say “here’s how to generate the extra sales you need” rather than just talk about the historical financial results.

So much so that we set about changing our firm, improving it for the better and turning it into something really special for you. To do that, we worked hard to fully educate ourselves on all sorts of issues – business development, growth, strategy, human resources, marketing, sales, management, operations, systems, customer service, performance standards, business health checks and more – as it applies to businesses like yours.

We attended courses, studied, invested in new resources, tools and software to be able to help you grow your business, rather than just track your results at year end. Of course we’ve maintained our core competencies and in fact, took them a step further by maintaining ongoing professional education.

 

Staying focused on the road ahead.

Now you can benefit from more – more support, more advice, more services and more results. Where accounting has often been about tracking historical results, accounting at Canon Capital has shifted to doing much more than that. Here, we’re focused on mapping out the future for your business and personal financial needs  – keeping our eyes firmly on the road ahead and on helping you achieve the results you’re looking for.

Call 215-723-4881 now to make an appointment for a free consultation and needs analysis to discover the difference for yourself.

Sincerely,

Michael S. Witter
Peter J. Roland
Managing Directors

Steven L. Moyer

Shareholder & Director

Steve has been with Canon Capital since 1999 and has been practicing in public accounting for over 30 years. He received his BS in Accounting/Business Management with a minor in Psychology from Eastern Mennonite University. He is a member of the American Institute of Certified Public Accountants (AICPA), the Pennsylvania Institute of CPAs (PICPA), the National College Advocacy Group and the AICPA Tax, Personal Financial Planning and the Forensic and Valuation Services sections. Steve specializes in personal and business tax, estate and trust tax planning and preparation, foreign tax issues, personal financial and college planning services, and business tax planning. In May 2025, Steven was one of five accounting professionals nationwide appointed to serve a 12-month term on the AICPA Tax Practice Responsibilities Committee (TPRC). He also has significant experience in church, non-profit, and private foundation tax areas. In addition to being a CPA, he also holds the Personal Financial Specialist (PFS) designation, the Chartered Global Management Accountant (CGMA) and the Certified Specialist in Estate Planning (CSEP) designation. Steve and his wife reside in Souderton. Steve has three children and enjoys traveling, playing sports, gardening, and bicycling.

Personal Financial Planning

Our team of PFSs (Personal Financial Specialists) work with individuals in a variety of areas including financial planning, income tax planning, insurance planning, investment planning, charitable planning, and financial independence.

Services Provided by our PFSs:

  • Retirement Planning & Social Security Planning
  • Assistance With Drafting Wills, Living Wills, & POAs
  • Trust Establishment
  • College Tuition & Scholarship Planning
  • Personal Net Worth Analysis

2025 Essentials: Updated IRS Mileage Rates, Minimum Wage Adjustments, and W-4 Guidelines

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:

  • 70 cents for every mile driven for business use
  • 21 cents for every mile driven for medical or moving purposes (for qualified active-duty members of the Armed Forces)
  • 14 cents for every mile driven in service of charitable organizations (unchanged)

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.

Download the 2025 Form W-4

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:

  • Agriculture
  • Domestic service in private households
  • U.S. 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 at non-profit summer camps
  • Inmates in Department of Correction work programs

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.

Business Advisory

At Canon Capital, we know what it’s like to lose sleep over tough business challenges, especially in today’s environment.  Our team of Certified Management Accountants (CMAs) have years of experience in working with business owners to create strategies that work.  Whether you are looking to grow your business or looking to start, acquire, or sell a business, we will help you work through the issues and make the right decisions.

Services Provided by our CMAs and Business Advisors:

  • Acquisition & Disposal Strategies
  • Capital Structure & Entity Advice
  • Controller Services
  • Organizational Management