A tax attorney is often associated with an accountant. Both can help those in need, but attorneys fight more than just numbers – they also fight the law. They handle multiple things that accountants are not qualified to. Practically, they are specialized in tax law and can handle complex legal issues associated with tax situations.
What a tax lawyer does
So, when should you get a tax attorney? People need tax attorneys when they anticipate having a taxable estate if they die. There are some limits that change every once in a while. Lawyers can educate their clients on how to stay under the respective limits and avoid taxes. Starting a business is also a common situation to seek help from a tax attorney. Plus, these specialists can deal with international businesses, tax treatment, and even contracts. They might need to deal with the IRS too if their clients are under investigation or plan to bring a lawsuit against the IRS. Practically, as long as it’s something related to the tax, chances are a tax lawyer will come in handy.
How to become a tax lawyer
Becoming a tax lawyer is similar to becoming a general lawyer – regardless of the specialization. College is the first step, while a law school is the second one. That’s when you’ll have to choose the tax law specialization. Once the Bar exam is passed, the new graduate can get to work. It does help engaging into further training, such as economics or accounting. Also, seminars and internships will work wonders, even before graduation. Practically, aspirants will get to hang around experienced lawyers, familiarize themselves with the court and gain some valuable skills. These are not tax attorney requirements though.
Pros and cons of being a tax lawyer
Being a tax lawyer is usually a straightforward profession. It’s all about numbers. If you like numbers, it’s for you. At some point, the actual use of a lawyer kicks in – interpreting the law in the client’s favor. That’s the more challenging part of a case. With so many businesses and issues around, tax lawyers will always be in demand, hence the job security.
On a side note, tax-related cases can be challenging. There’s more paperwork involved than in other cases, so they can get overwhelming and imply long hours at work.
Salaries of tax lawyers
Tax attorneys enjoy a hefty income of six figures – $100,000 a year. Obviously, it depends on some factors – self-employed versus law firms, the difficulty of cases and so on. Medical businesses, for example, might pay more than retail businesses. Also, an offshore tax attorney will make up to $125,000 a year on average.
Tax lawyers claim on high levels of job satisfaction, whether they work for themselves or for law firms. Tax issues will always be a problem, especially for middle and large companies, hence the high demand for this specialization. With job security and satisfaction, it’s no surprise why more and more law students choose to specialize in tax law.