Holiday Hours
Just a friendly reminder that in honor of America’s Birthday, our office will be closed on Monday and Tuesday, July 3rd and 4th. We will reopen on Wednesday, July 5th.
Have a safe and happy holiday!
Summer Office Hours
Our office will continue to be closed every Friday through September 1, 2023. Our regular Friday office hours will resume on September 8th.
50th Anniversary Celebration
SAVE THE DATE! On Thursday October 26, 2023, we will be celebrating the Firms’ 50th Anniversary with an Open House at our Harleysville office. If you haven’t already done so, please mark your calendars and watch for more information in the coming months.
1973 Fun Facts
Jerry Lawrence and Dick Baum opened an Accounting and Tax Firm named Lawrence & Baum that is today known as Baum, Smith & Clemens.
Celebrating our “Golden” Anniversary in 2023, an ounce of gold is selling for approximately $2,200. In 1973 it was selling for $106 per ounce.
At this time in 1973, the Philadelphia Phillies were in 4th place, with a record of 35 wins and 40 losses, and 10 games out of first place. Today, the Phillies are in 3rd place with a 40-37 record and 10 ½ games out.
Philadelphia Tax Modifications
The City of Philadelphia has announced some rate reductions for 2023. The Philadelphia wage tax rate for residents of the city will be 3.75% effective July 1, 2023. This is a slight rate decrease from the previous 3.79%. The nonresident rate remains unchanged at 3.44%.
The Philadelphia net profits tax rate has also been reduced to 3.75%, while the nonresident rate remains unchanged at 3.44%.
Lastly, the Philadelphia Business Income and Receipts Tax (BIRT) rate has been reduced from 5.99% to 5.81% for the 2023 tax year.