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Our Mission

We assist our clients in achieving their goals by providing the best tax, accounting and management advisory services and by contributing to the growth of our employees, our profession and our community while continuing to cultivate the personal relationships which represent the foundation of our progress.

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"We consider Baum, Smith & Clemens, LLP as our tax accountant, advisor and auditor; they have been a key element in our past successes.  We continue to value their advice and recommendations in meeting future challenges."

Donald R. Shepherd
AR Worldwide

Passion is a word that can be used to describe the people who work at Baum, Smith & Clemens, LLP. They have a passion for their job and for helping all of their clients succeed in achieving their financial goals. They strive to present innovative services to help make the firm stand out from their competition and they have helped make BSC one of the most progressive firms in the Philadelphia suburbs. Whether it is traditional or non-traditional services, the zeal and enthusiasm they possess are second to none.

Integrity is another characteristic that distinguishes the BSC family from others. Leadership from the partner group has made this a priority for all BSC employees. Honesty and truthfulness have made them who and what they are today. They are straightforward in offering advice, planning ideas and preparing tax returns and financial statements. Values will not be compromised.

Combining passion and integrity results in providing BSC clients with superior service. Their proactive mentality can lead to positive results and financial success. Baum, Smith & Clemens are in a competitive business and need to be more than number crunchers for their clientele. They are here to help you when you need help. Passion, Integrity and Service; three qualities that make a difference.

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From Our Newsletters

Tax Alerts
Tax Briefing(s)

President Trump on February 9 signed the Bipartisan Budget Act into law after a brief government shutdown occurred overnight. The legislation contains tax provisions in addition to a continuing resolution to fund the government and federal agencies through March 23. The House approved this new law in the early morning hours of February 9, by a 240-to-186 vote. The Senate approved the bipartisan measure a few hours earlier, by a 71-to-28 vote.

The Treasury Department has proposed repealing 298 regulations. According to the Treasury, the targeted rules are unnecessary, duplicative or obsolete. In addition, the Treasury proposed to amend another 79 regulations to reflect the repeal.

The Trump administration on February 12 released its much-anticipated fiscal year (FY) 2019 budget request, "Efficient, Effective, Accountable An American Budget." The administration’s proposal calls for IRS funding that focuses additional resources on enforcement and cybersecurity. Coming off passage of the Tax Cuts and Jobs Act, this year’s budget recommendations contain only a handful of additional tax proposals when compared to some prior-year budget requests.

The Treasury and IRS have released their second quarter update to the 2017-2018 Priority Guidance Plan. The updated 2017-2018 Priority Guidance Plan now reflects 29 additional projects, including 18 projects that have become near term priorities as a result of the Tax Cut and Jobs Act of 2017.

New proposed regulations under the centralized partnership audit regime address how and when partnerships and their partners adjust tax attributes to take into account partnerships’ payment adjustments. They also provide, among other additions and clarifications to earlier proposed regs, rules to adjust basis and capital accounts if the partnership adjustment is a change to an item of gain, loss, amortization or depreciation.

The IRS has issued guidance for certain specified foreign corporations owned by U.S. shareholders subject to the Code Sec. 965 transition tax that are requesting a change in accounting period. The IRS will not approve a request to change the annual accounting period under either the existing automatic or general change of accounting period procedures if the change could result in the avoidance, reduction, or delay of the transition tax. This guidance applies to any request to change an annual accounting period that ends on December 31, 2017, regardless of when such request was filed.

The IRS has posted best practices for return preparers addressing the Affordable Care Act’s individual shared responsibility requirement, also known as the individual mandate. The Service reminded preparers that the Tax Cuts and Jobs Act did not eliminate the individual shared responsibility requirement for 2017.