Slide background
Slide background
Slide background
Slide background

We're a Firm with a Unique Personality

We are a reflection of our history. Our firm was founded in 1976 by Brion R. Smoker, who was then joined in 1986 by the late Kevin L. Smith.

Brion and Kevin built a firm focused on providing clients with a higher level of commitment, strong relationships, and quality service. 

That drive and energy has continued and allowed us to serve clients for over 40 years.  Today, we are a full service accounting firm providing cost effective services to businesses and individual clients not only in Central Pennsylvania, but across all borders.

Smoker Smith and Associates, P.C. is a proud member of the Pennsylvania Institute of Certified Public Accountants (PICPA), American Institute of Certified Public Accountants (AICPA), and INPACT Americas.  Our professionals are active and contributing members of various local and regional professional and communication organizations.

Our heritage has helped us grow into a highly respected firm, one that provides a full range of integrated services. Our heritage continues to guide and sustain us as we work every day to embody our promise of A Higher Level of Commitment.



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.

 

 

Weekly Tax Brief

Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of getting a divorce.

  1. Alimony or support payments. For alimony under divorce or separation agreements that are executed after 2018, there’s no deduction for alimony and separation support payments for the spouse making them. And the alimony payments aren’t included in the gross income of the spouse receiving them. (The rules are different for divorce or separation agreements executed before 2019.)
  2. Child support. No matter when the divorce or separation instrument is executed, child support payments aren’t deductible by the paying spouse (or taxable to the recipient).
  3. Personal residence. In general, if a married couple sells their home in connection with a divorce or legal separation, they should be able to avoid tax on up to $500,000 of gain (as long as they’ve owned and used the residence as their principal residence for two of the previous five years). If one spouse continues to live in the home and the other moves out (but they both remain owners of the home), they may still be able to avoid gain on the future sale of the home (up to $250,000 each), but special language may have to be included in the divorce decree or separation agreement to protect this tax exclusion for the spouse who moves out.
    If the couple doesn’t meet the two-year ownership and use tests, any gain from the sale may qualify for a reduced exclusion due to unforeseen circumstances.
  4. Pension benefits. A spouse’s pension benefits are often part of a divorce property settlement. In these cases, the commonly preferred method to handle the benefits is to get a “qualified domestic relations order” (QDRO). This gives one spouse the right to share in the pension benefits of the other and taxes the spouse who receives the benefits. Without a QDRO the spouse who earned the benefits will still be taxed on them even though they’re paid out to the other spouse.
  5. Business interests. If certain types of business interests are transferred in connection with divorce, care should be taken to make sure “tax attributes” aren’t forfeited. For example, interests in S corporations may result in “suspended” losses (losses that are carried into future years instead of being deducted in the year they’re incurred). When these interests change hands in a divorce, the suspended losses may be forfeited. If a partnership interest is transferred, a variety of more complex issues may arise involving partners’ shares of partnership debt, capital accounts, built-in gains on contributed property, and other complex issues.

A variety of other issues

These are just some of the issues you may have to deal with if you’re getting a divorce. In addition, you must decide how to file your tax return (single, married filing jointly, married filing separately or head of household). You may need to adjust your income tax withholding and you should notify the IRS of any new address or name change. There are also estate planning considerations. We can help you work through all of the financial issues involved in divorce.

© 2022

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