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CPAs, unlike providers of personal financial services, who are required by law to inform their clients of their policies regarding privacy of client information, have been and continue to be bound by professional standards of confidentiality that are even more stringent than those required by law. At Smoker, Smith & Associates, we have always protected our client’s right to privacy and will continue to use our best efforts to do so in the future. We have adopted a privacy notice similar to that as required by financial services to inform you of our practices with regard to your personal financial information.

Types of Nonpublic Personal Information We Collect

We collect non-public personal information about you that is directly provided to us by you or obtained by us only following your direct written authorization. No other or additional non-public personal information will be collected by Smoker, Smith & Associates absent your written direction or approval.

Parties to Whom we Disclose Information.

For a current and former client we do not disclose non-public personal information obtained in the course of our services for you except as may be required and permitted by law without your written direction. Thus, we may disclose confidential information made in response to a valid Order of Court or authorized agency of the government and always work to establish a legal means to limit such disclosure to only that segment of personal financial information which must be legally required to be disclosed.

We also may disclose information to our employees and in very limited situations and to unrelated third parties who need to know the information for the purpose of assisting us in providing professional services to you. To the extent reasonably possible, we will notify you in advance and disclose to you any non-public personal information provided to any third parties for such purposes. In all such situations, and at all times, we stress the confidential nature of the information being shared to both employees and third parties.

All disclosure of information to persons other than employees or consultants to Smoker, Smith & Associates is performed by the method of transmission as requested by the client. If facsimile is requested, such is sent only after the fax number is verified to be correct and the fax machine is in secure information with appropriate disclosures regarding IRS Circular 230. If transmission is by mail, normally certified mail or nationally recognized delivery service will be utilized requiring a signature from the receiving party. If information is desired to be transmitted electronically, various and appropriate security devices and practice to prevent improper obtainment or interception of information.

Protecting the Confidentiality and Security of Current and Former Clients’ Information

We retain records relating to professional services that we provide so that we are better able to assist you with your professional needs and, in some cases, to comply with professional guidelines. Such records are retained, however, for so long as necessary to fulfill the stated purposes of our engagement and thereafter either destroyed or returned to the client as directed. In order to guard your nonpublic personal information, we maintain physical, electronic, and procedural safeguards that comply with our professional standards.



WE DO NOT DISCLOSE ANY NONPUBLIC PERSONAL INFORMATION ABOUT YOU TO ANYONE FOR ANY PURPOSE THAT IS NOT SPECIFICALLY PERMITTED BY LAW OR SPECIFICALLY DIRECTED BY YOU. 




Smoker, Smith & Associates retains the right and obligation to update this privacy policy at any time without advance notice. If you have any questions regarding this privacy policy, our professional ethics and/or the ability to provide you with quality financial services, please contact us immediately. 



Reminders & Updates

2022 Standard Mileage Rates

  • 58.5 cents per mile for business miles driven
  • 18 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

2021 Standard Mileage Rates

  • 56 cents per mile for business miles driven
  • 16 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Check It Out!

Check out the article in PICPA CPA Now by Greg Kashella, published November 2021, Enhanced Financial Statement Disclosures for Small Businesses.

https://www.picpa.org/articles/cpa-now-blog/cpa-now/2021/11/19/financial-statement-disclosure-enhancements-for-small-businesses 

Check out the article in the Central Penn Business Journal, Women Who Lead, March 2019 article featuring our partner Jori Culp

http://www.cpbj.com/article/20190306/CPBJ01/303069999/women-who-lead-jori-m-culp-cpa?fbclid=IwAR1QS3LqoY_P5jEkST4y0QOhRYFYvqzr3UunTpTTFF5PKLUqEfT3JSxd-Tw

Tax-Related Identity Theft

The IRS combats tax-related identity theft with aggressive strategies of prevention, detection and victim assistance. To find out more about tax-related identity theft call our office or visit https://www.irs.gov/identity-theft-fraud-scams/identity-protection for information and guidance.

Remember that the IRS will never contact you by electronic means. This includes emails, phone calls, text messages, or social media channels. If you are ever in doubt whether contact by someone claiming to be from the IRS is legitimate, call our office first for verification.

 

Weekly Tax Brief

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box.

One of the main reasons for buying U.S. savings bonds (such as Series EE bonds) is the fact that interest can build up without the need to currently report or pay tax on it. The accrued interest is added to the redemption value of the bond and is paid when the bond is eventually cashed in. Unfortunately, the law doesn’t allow for this tax-free buildup to continue indefinitely. The difference between the bond’s purchase price and its redemption value is taxable interest.

Series EE bonds, which have a maturity period of 30 years, were first offered in January 1980. They replaced the earlier Series E bonds.

Currently, Series EE bonds are only issued electronically. They’re issued at face value, and the face value plus accrued interest is payable at maturity.

Before January 1, 2012, Series EE bonds could be purchased on paper. Those paper bonds were issued at a discount, and their face value is payable at maturity. Owners of paper Series EE bonds can convert them to electronic bonds, posted at their purchase price (with accrued interest).

Here’s an example of how Series EE bonds are taxed. Bonds issued in January 1990 reached final maturity after 30 years, in January of 2020. That means that not only have they stopped earning interest, but all of the accrued and as yet untaxed interest was taxable in 2020.

A $1,000 Series EE bond (paper) bought in January 1990 for $500 was worth about $2,073.60 in January of 2020. It won’t increase in value after that. The entire difference of $1,573.60 ($2,073.60 − $500) was taxable as interest in 2020. This interest is exempt from state and local income taxes.

Note: Using the money from EE bonds for higher education may keep you from paying federal income tax on the interest.

If you own bonds (paper or electronic) that are reaching final maturity this year, action is needed to assure that there’s no loss of interest or unanticipated current tax consequences. Check the issue dates on your bonds. One possible place to reinvest the money is in Series I savings bonds, which are currently attractive due to rising inflation resulting in a higher interest rate.

© 2022

339 West Governor Road, Suite 202, Hershey, PA 17033
Phone: (717) 533-5154  •  Toll-Free (888) 277-1040