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 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.
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:
As always, we will keep you informed on these and other topics affecting you and your business.
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:
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.
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.
We provide unparalleled support and personal service. Our reputation for providing accurate, on-time payroll makes us different from the competition We customize our services to match your company’s individual needs to serve any size group or program.
We offer competitive prices and responsive service. Our competitive fees keep your payroll costs down while our in-house expertise adds value to the payroll process. With the support of our Certified Public Accounting and Technologies departments, Canon Capital can answer your questions quickly and be responsive to your special needs.
We eliminate the pain of in-house payroll processing. By providing services not always available with other payroll groups, such as withholding and reporting local and LST taxes, Canon Capital takes the effort out of payroll. From the simple conversion and start-up through comprehensive, easy-to-read reporting, our payroll services save you time, money and stress.
Amanda first joined Canon Capital in January 2013 and we are pleased to welcome her back to our team as of August 2022. Amanda’s previous career milestones include working as a Financial Controller for African Bible Colleges in Malawi, Africa. She received her BA in Business from Covenant College. Amanda resides in Palm with her husband and four children. In her free time, Amanda enjoys volleyball, biking, traveling, and spending time with her family.
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.
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.
Cherie began working at Canon Capital in 2023, bringing over 30 years of experience in corporate, non-profit, and private-sector accounting services. She has specialized in outsourced accounting services and automated accounting integrations for more than 10 years. Cherie earned her BS in Business Administration from Albright College and is currently working to obtain her license as a Certified Accounting Paraprofessional. She is also a Certified QuickBooks Pro Advisor. When not working, she enjoys spending time with family and friends and volunteering time to various philanthropic endeavors.
We will perform a free Technology Review for your business! This service is performed at your location, and includes over 40 inspection points on your computer systems, peripherals and software. We will inspect items such as:
Upon completion of the on site Technology Review our analysts will evaluate your information back at our office. We will then provide you with a professional document which outlines your current systems and software, areas of strength, and areas that need improvement WITH specific suggestions for increasing efficiency and profitability.
Please call Kent Gerhart at 215-723-4881 x131 to arrange for your free Technology Review today.
