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Ben Franklin Bridge
 
UPDATE 11/23/16: Governor Chris Christie has reversed his decision on this matter. Read this post for full details.
 
Several rules and regulations have recently been passed that will affect payroll. New Jersey has ended a nearly 40-year-old reciprocal tax agreement with Pennsylvania effective December 31, 2016. The agreement allows commuters to pay income tax to the state where they live, rather than the state where they work.
 
Effective January 1, 2017, Pennsylvania residents working in New Jersey will be subject to New Jersey income tax. Similarly, New Jersey residents working in Pennsylvania will be subject to the Pennsylvania income tax.
Pennsylvania Employers of New Jersey Residents
  • You must withhold Pennsylvania income tax for any employee working in Pennsylvania.
  • You are not required to register with New Jersey as an employer. However, your employees may ask you to voluntarily withhold New Jersey income tax so they may not need to make estimated quarterly tax payments to New Jersey starting in 2017.
For more information on employer registration, visit the New Jersey Division of Revenue and Enterprise Services' website or call its Business Services Office at 609-292-9292.

New Jersey Employers of Pennsylvania Residents

  • You must withhold New Jersey income tax for any employee working in New Jersey.
  • Your employees may ask you to voluntarily withhold Pennsylvania income tax so they may not have to make estimated quarterly tax payments to Pennsylvania starting in 2017.
  • New Jersey requires that you provide Form NJ-W4 to your employees.
  • To begin withholding Pennsylvania income tax, register for a Pennsylvania employer withholding tax account by completing the PA100 Registration Application.
  • If you no longer withhold for Pennsylvania, you must cancel your Pennsylvania employer withholding account effective Dec. 31, 2016. You can cancel electronically using the enterprise maintenance feature on the e-TIDES website or by mailing a completed REV-1706 Business/Account Cancellation Form to the PA Department of Revenue. Remember to file any remaining 2016 remittances or returns to satisfy your filing obligations.
ADDITIONAL INFORMATION
 
flier is available that you can print and post to inform employees of this important tax change. Additional information for employees is available from the PA Department of Revenue at revenue.pa.gov and the NJ Division of Taxation at njtaxation.org.

We are always here to answer any questions or address concerns. Contact us or call 215-723-4881.

CCMG Financial Literacy CC Email Header

Our fourth Financial Literacy Seminar -- Best Year-End Tax Strategies and Tips -- begins in just over one hour, at 3:00 pm, and we'd like to invite you to join us via Webinar.

It's as simple as clicking this link from your computer, tablet, or smartphone.

You can also access the seminar via phone: 646-749-3112. Access Code: 633-504-845.

This seminar is geared toward individuals who wish to learn about and make use of tax savings strategies for the current year.

You'll learn:

  • Strategies to minimize taxes for the 2016 calendar year
  • Tax law changes affecting 2016 returns
  • Possible changes based on political party taxation policies

We hope you'll find this informative and helpful as the close of another year approaches.

Tax Planning calculator 1040

You are cordially invited to attend our fourth Financial Literacy seminar of the year on Thursday, November 10, 2016, from 3:00 to 4:00 pm eastern time at our Hatfield location. We’ve saved the best for last – this final Financial Literacy seminar of the year will cover Best Year-End Tax Strategies and Tips. This seminar will once again take place at our Hatfield location from 3:00-4:00 pm.

This seminar is geared toward individuals who wish to learn about and make use of tax savings strategies for the current year.

During this seminar, you'll learn:

• Strategies to minimize taxes for the 2016 calendar year
• Tax law changes affecting 2016 returns
• Possible changes based on political party taxation policies

We expect this event will be both educational and informative so please feel free to bring a relative or friend who might benefit from the topic. Refreshments will be available.

Please RSVP by Monday, November 7, 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 would like to attend.

We look forward to seeing you at the event!

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We are pleased to announce that Bradley Barnhorst, CFA, has joined Canon Capital’s Wealth Management group as Investment Committee Counsel. Brad’s expertise and experience – particularly in the area of investment and portfolio risk and volatility reduction -- will enhance our ability to offer favorable investment solutions to our clients.

Before joining Canon Capital, Brad worked on Wall Street as an Associate Director with Bear, Stearns & Co., where he specialized in structured equity products and derivatives geared to mitigating investment risk. He is a recognized expert in investment portfolio risk and volatility reduction, with numerous published works in both scholarly and professional journals.

Brad also serves as the Chair of the Finance Major program for both the undergraduate and graduate divisions at DeSales University, a position he will retain along with his professor duties. Brad’s passion for research has led to the publishing of his finance-related work in both scholarly and professional journals.

Brad holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute, the Northeastern Association of Business, Economics, and Technology (NABET) where he serves on the Executive Board as Recording Secretary and the New York Society of Security Analysts.

Brad earned a Bachelor of Arts in Computer Science from Harvard University and a Master of Business Administration (MBA) with a concentration in Corporate Finance and Investment Management from Penn State University. Brad lives in Bath, PA with his wife and two daughters.

Canon Capital Wealth Management serves individuals, retirement plans, trustees, and institutions. If you or someone you know would like to find out more about the benefits of a relationship with our Wealth Management group, we encourage you to contact us.

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