Tax Attorney
A tax attorney deals with the taxes levied by different levels of government. Tax lawyers can give advice to individuals, small businesses, large corporations, and everyone in between. Depending on what the individual, group or company needs, the tax attorney may help draft wills, handle estate planning, advise on tax strategies and business transactions.
When taxpayers have trouble with the IRS or the state department of revenue, many times they turn to tax attorneys to help them solve their tax problems. Tax attorneys mainly focus on helping their clients find relief, either by reducing the amount owed, removing liens, helping through audits and reducing fines. Small business owners and self-employed individuals also seek the help of tax attorneys to help them understand the numerous tax issues.
Good tax attorneys stay updated with the always-changing tax laws year to year. Changes in tax laws can benefit or cause more turmoil for a person, company or corporation. Being able to spot these problems, changes and benefits can help clients dramatically.
Other responsibilities of tax attorneys include:
- Help clients set up trusts
- Help clients set up stock portfolios
- Advise clients of business transactions
- Handle estate planning
- Advise on tax strategies
- Deal with the IRS or state department of revenue
Tax Attorneys Education
Tax attorneys must earn a bachelor’s degree and Juris Doctor. Many tax attorneys hold LL.M. (Master of Law) in taxation. During the last couple years of law school, law students are able to take a number of elective courses that suit their interests. Many prospective tax lawyers utilize this time to take classes such as:
- Tax Law
- Federal Taxation
- Estate and Gift Tax
- Estates and Successions
- Domestic Taxation
- International Taxation
- Accounting
Tax Attorney Issues
There are many different issues tax attorneys must deal with daily, when representing their client. Client needs arise from issues such as:
- Taxation of corporations, LLCs, and partnerships
- Inheritance taxes
- Income taxes
- Wealth (estate) taxes
- Taxation of capital gains
- Taxation of retirement pensions and social security contributions
- Taxation of gifts
- Consumption taxes (sales tax)
Tax Attorney Job Outlook
At this point in time, with the economy in the condition it is in, tax attorney are thriving in business. Fortunately for these professionals, it doesn’t look like it will let up any time soon. Business for tax attorneys is supposed to stay consistent, even increasing 10% over the next 10 years as the United States tries to repair the financial conditions. It’s very important that tax attorneys stay updated with all of the new and old tax laws that are constantly changing year to year. This profession isn’t like divorce attorneys, where chances are they will only get that client once, maybe twice during their career. Tax attorneys on the other hand, have the opportunity to build a clientele base that is large, as taxes are due all year long (not just April 15th for taxpayers). Repeat clients are almost guaranteed if you know your stuff.
