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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

Purpose Rates 1/1 to 6/30/22 Rates 7/1 to 12/31/22
   Business 58.5 cents 62.5 cents
   Medical/Moving 18 cents 22 cents
   Charitable 14 cents 14 cents

 

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.

 

 

Answers to your questions about taking withdrawals from IRAs

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72.

The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions.

What if I want to take out money before retirement?

If you want to take money out of a traditional IRA before age 59½, distributions are taxable and you may be subject to a 10% penalty tax. However, there are several ways that the 10% penalty tax (but not the regular income tax) can be avoided, including to pay: qualified higher education expenses, up to $10,000 of expenses if you’re a first-time homebuyer and health insurance premiums while unemployed.

When do I take my first RMD?

For an IRA, you must take your first RMD by April 1 of the year following the year in which you turn 72, regardless of whether you’re still employed.

How do I calculate my RMD?

The RMD for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.” A separate table is used if the sole beneficiary is the owner’s spouse who is 10 or more years younger than the owner.

How should I take my RMDs if I have multiple accounts?

If you have more than one IRA, you must calculate the RMD for each IRA separately each year. However, you may aggregate your RMD amounts for all of your IRAs and withdraw the total from one IRA or a portion from each of your IRAs. You don’t have to take a separate RMD from each IRA.

Can I withdraw more than the RMD?

Yes, you can always withdraw more than the RMD. But you can’t apply excess withdrawals toward future years’ RMDs.

In planning for RMDs, you should weigh your income needs against the ability to keep the tax shelter of the IRA going for as long as possible.

Can I take more than one withdrawal in a year to meet my RMD?

You may withdraw your annual RMD in any number of distributions throughout the year, as long as you withdraw the total annual minimum amount by December 31 (or April 1 if it is for your first RMD).

What happens if I don’t take an RMD?

If the distributions to you in any year are less than the RMD for that year, you’ll be subject to an additional tax equal to 50% of the amount that should have been paid out, but wasn’t.

Plan ahead wisely

Contact us to review your traditional IRAs and to analyze other aspects of your retirement planning. We can also discuss who you should name as beneficiaries and whether you could benefit from a Roth IRA. Roth IRAs are retirement savings vehicles that operate under a different set of rules than traditional IRAs. Contributions aren’t deductible but qualified distributions are generally tax-free.

© 2022

 

 

 

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