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FAQ

Frequently Asked Questions (FAQ)


Please click a topic below to read further:

CPA
How is a CPA different from an accountant?

Federal Tax Issues
How do I get a Federal Employer Identification Number (FEIN)?
What amount of assets in an estate are exempt from Federal Estate Tax?
What is the annual Gift Tax Exclusion?


CPA

How is a CPA different from an accountant?

A CPA is different from an accountant who is not a CPA in many important respects:
  1. Higher level of knowledge and experience with serving clients.
  2. Greater experience with issues involving independence and objectivity.
  3. Deeper understanding of matters which are not traditionally in the domain of accounting, such as personal financial planning and information technology consulting, but which are related to accounting and serving clients
  4. Credentials.
  5. More experience working with other professionals such as attorneys, brokers, agents, etc.


Federal Tax Issues


How do I get a Federal Employer Identification Number (FEIN)?

To get a FEIN, you need to file Form SS-4 with the IRS, which you can find on our Forms & Publications. Instructions for filing the Form SS-4 are also available.

What amount of assets in an estate are exempt from Federal Estate Tax?

Amount of Assets in Estate Effectively
Exempt from Federal Estate Tax
Year Exempt Amount
2000 $675,000
2001 $675,000
2002 $1 million
2003 $1 million
2004 $1.5 million
2005 $1.5 million
2006 $2 million
2007 $2 million
2008 $2 million
2009 $3.5 million
2010 Estate Tax Repealed

What is the annual Gift Tax Exclusion?

Annual Gift Tax Exclusion
2002 $11,000
2001 $10,000
2000 $10,000