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Alzheimers Seminar crop

We are kicking off our series of Financial Literacy seminars for 2017 on Thursday, March 30, from 3:00 to 4:00 pm at our Hatfield location with a very important and relevant presentation on the personal and financial effects of Alzheimer's disease.

If you or someone you love is diagnosed with Alzheimer's disease or another form of dementia, are you prepared to help them physically, emotionally, and financially?

Our guest speaker, Jack Broyles, has been in the financial services industry for more than 30 years. He experienced the effects of Alzheimer's firsthand when the disease took his mother in 2004 and has since made it his mission to help his clients prepare when they face a similar diagnosis. Mr. Broyles serves as the chairman emeritus of the Dallas Chapter of the Alzheimer's Association.

During our time together we will cover:

  • Understanding Alzheimer's disease and other dementias
  • Planning for the costs associated with Alzheimer's disease and other dementias
  • Preparing and executing legal, financial, and medical documents
  • Resources available for patients, caregivers, and their families

Please share this invitation with your friends and family who might have interest in attending this informative afternoon.

Please RSVP as soon as possible as seating will be limited. Send your RSVP to Jen Norman via This e-mail address is being protected from spambots. You need JavaScript enabled to view it or by phone at 215-723-4881, ext. 207, to let us know that you are planning to attend and how many in your group/family will be attending.

We look forward to seeing you at the event!

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Canon Capital CPAs would like to announce that we have successfully completed a rigorous peer review of our accounting and auditing practice. The reviewer concluded that the firm's system of quality control for our accounting and auditing practice in effect for the year ended May 31, 2016 was suitably designed and complied with to provide reasonable assurance of performing and reporting in conformity with the stringent quality control standards set by the American Institute of Certified Public Accountants (AICPA), the national professional organization of CPAs.

Canon Capital CPAs participates in the Peer Review Program, one of the AICPA approved practice monitoring programs. A firm participating in any of these programs must have an independent review of its accounting and auditing practice every three years. The review was conducted under the auspices of the Pennsylvania Institute of CPAs following standards issued by the AICPA and was performed by another licensed independent CPA firm who qualified under the program's requirements for service as a reviewer.

Our peer review rating of "pass" indicates that Canon Capital CPAs meets the accounting profession's high standards of quality and professionalism. If requested, the firm will provide a copy of the report on the results of the review of all interested parties although not required to do so.

Canon Capital CPAs is proud to serve businesses, not-for-profits and individuals throughout the greater Philadelphia area, providing a full range of audit, accounting, tax, and consulting services. If we may be of service to you, please contact us today.

2017 Tax Reform Outlook

On February 7, 2017, Steve Moyer, Tax Director here at Canon Capital, was invited to attend the Bloomberg BNA 2017 Outlook on Tax Reform in Washington, DC. The keynote speaker at the conference was Kevin Brady, US Congressman and Chairman of the House Ways and Means Committee, the main tax-writing arm of the US Government. Congressman Brady spoke about the House plan, "A Better Way," for tax reform and highlighted the key aspects of the plan, along with the proposed timing for this new Bill.

This new tax bill would be the most sweeping tax reform we have seen in the last thirty years. The last major tax reform legislation of this magnitude was the Tax Reform Act of 1986, signed into law by President Ronald Reagan. Some of the same motivations to reform the tax code thirty years ago are again at the forefront of tax reform today: the desire to simplify the Code, make it fairer, and to flatten the tax brackets. Congressman Brady spoke on the vision for making the code simpler and fairer, lowering the tax rates for both individuals and businesses, and creating a new IRS that would put taxpayers first.

The current individual tax rates include seven tax brackets with the maximum tax bracket exceeding 40%. Under the "Better Way," the brackets would be consolidated into three brackets of 12%, 25%, and 33%, along with eliminating many of the complexities including the burdensome Alternative Minimum Tax (AMT), but would provide a much larger standard deduction amount. The plan also will reward savings, streamline the college educational benefit, and encourage giving to charities. To encourage business and jobs growth in the US, the Corporate tax rates will be reduced from a high of 35% to a rate of 20%, eliminating many of the special interest deductions currently in place. In addition, for the many small businesses in the US that do not operate as "C" Corporations, the maximum tax rates will be reduced to 25% from those that currently can exceed 40%.

So when will this tax bill be introduced? Congressman Brady was asked this question during his talk, and he replied, "Tax reform will take place in 2017." He went on to say that the bill is currently being worked on and should be introduced in the next several weeks, with the hopes of it being passed during the summer of 2017. Will the bill be retroactive to the beginning of 2017 or a later start date? This will probably be determined by how quickly the bill will be introduced and how soon it would be passed into law.

Many of the pieces in the House tax proposals are very similar to what President Trump introduced as he was running for office. Several days after attending this conference, President Trump announced that he would introduce some news on tax reform in the next several weeks. The stock market reacted favorably, jumping to an all-time high. We will keep you informed as more information becomes available.

Steve related the following about his experience attending this event, "I was honored to be invited and attend this exclusive news event in Washington, DC and sponsored by BNA. It is not often you get a front row seat to hear directly from the writer of the tax policy."

As always, if you have questions about the upcoming tax proposals, we are happy to help. Contact us or call 215-723-4881.

Canon IVCC FB Cover

 

We first wrote about TPR -- “Tangible Property Regulations” -- last year, sharing how this change in for-profit tax law created unique and unprecedented challenges during the January-April 2015 tax season. In fact, despite it being called it the "most dramatic change to for-profit tax law since the 1986 overhaul" nearly two-thirds of tax preparers didn't even know about it.

TPR affects the three main areas of business operation: Materials and Supplies, Repairs and Maintenance, and Capitalized Expenditures. These changes are very favorable to the taxpayer, adopting a much more liberal definition of “repair” and a stricter definition of “capital assets.” This allows many more items to be expensed immediately as repairs or maintenance vs. the previous requirement that they be capitalized and written off (depreciated) over a number of years.

Learn more about TPR and how it affects your business on Wednesday, February 1, 2017, when Canon Capital’s Brent Thompson will present on the topic at the Indian Valley Chamber of Commerce’s Business Builder Breakfast, held at the Franconia Heritage Banquet and Conference Center. Breakfast is served at 7:30 a.m. with the seminar following 8:00 a.m. – 9:00 a.m. Cost is $30.00 per person for Indian Valley Chamber of Commerce members; $45 for non-members. Register online.

As always, if you have questions about how TPR affects your business, we are happy to help. Contact us or call 215-723-4881.

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