What does a tax lawyer do?
Tax lawyers specialize in working with clients to resolve their issues with state revenue departments and the Internal Revenue Service (IRS). They typically concentrate only on tax issues and relief. They can help clients who are in trouble get through an audit, have liens removed, reduce fines, and help them trough self-employment and small business issues. Tax lawyers can help prevent tax problems before they occur; they look for potential problem spots and provide advice on how to avoid them. They effectively explain complicated and hard to understand tax laws.
Tax lawyers help people keep track of business’ and company’s tax matters. They help business owners plan taxes including when, why, and how to file. Tax lawyers can also help people file for bankruptcy. They can also help set up stock portfolios, trust funds, and other investment accounts.
What kind of training does a tax lawyer need?
To become a lawyer, the educational requirements are typically a 4-year college degree and 3 years of law school. Many tax lawyers have an undergraduate degree in accounting. All law schools that are approved by the American Bar Association require students to take the Law School Admission Test (LSAT) to be admitted. Since tax laws change so frequently, tax lawyers must stay up to date and complete continuing legal education courses.
All states require tax lawyers to be licensed. Applicants must pass a written bar examination. A students must graduate from an American Bar Association accredited law school to qualify for the bar exam. Some states require passing a distinct written ethics examination.
What are the prospects for a career as a tax lawyer?
Employment of all lawyers, including tax lawyers is projected to grow about as fast as average for all professions, increasing 11% from 2006 to 2016 (1). The growing population and constant change in tax laws will drive the growth for more tax lawyers.
Job prospects are expected to be good with keen competition. Job prospects will be the best for tax lawyers with excellent academic records from top law schools.
How much do tax lawyers make?
As of August 2009, the middle 50% of tax lawyers earned annual salaries between $100,318 and $132,165. The highest 10% earned annual salaries of more than $139,590 (2).
A career as a tax lawyer is an excellent choice for individuals who have an interest in taxation and tax laws. Analytical thinking, perseverance, and great communication are essential skills. Tax lawyers must also be aware of the various Federal and state codes and have the ability to deal with tax problems.