Information on Tax Attorneys
Tax attorneys are lawyers who specialize in matters related to tax laws and codes. They work with individuals, businesses and other organizations, and deal with local, state, federal and foreign tax issues. In some cases, tax attorneys represent clients in matters that involve the United States Internal Revenue Service (IRS). They may also provide tax planning services as well. Tax attorneys must be licensed to practice law, but many also have an a background in accounting.
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Duties
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Tax attorneys advise clients on a variety of tax-related issues, such as income, property, estate, excise, capital gains and gift taxes. They are often in charge of filing tax returns and maintaining tax records on their clients’ behalf. They may provide clients with an analysis of possible tax liability based on past transactions as well. Tax attorneys may also help clients establish tax savings plans or assist with tax preparations involved in starting a business. When clients have issues with the IRS or state departments of taxation, tax attorneys negotiate on the client’s behalf, and try to lessen or eliminate tax penalties that have been levied. Because tax attorneys stay up to date with changing tax laws, they are often able to prevent issues before they become serious problems for clients. They inform clients as to how new tax laws will affect them or their businesses as well.
Education
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Tax attorneys must complete four years of undergraduate study at a college or university and three years of specialized study at a law school. Students can apply to law schools with a variety of majors, but they should possess strong writing, researching, speaking and analytical skills. Those who are considering a career in tax law should take undergraduate courses in business law, accounting and finance as well. In law school, students are trained in all facets of the law, including constitutional law, property law, civil procedure and torts. During the latter part of law school, they may choose to specialize in tax law, and participate in internships to gain experience in the field. Students who successfully complete law school are awarded the juris doctor (J.D.) degree.
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Licensure
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In the United States, tax attorneys must be licensed to practice law. Each state has its own requirements, but all bar associations require attorneys to graduate from an accredited law school and pass a written exam. Many also require candidates to take an ethics exam as well. Some tax attorneys also choose to become a certified public accountant (CPA), which typically requires fulfilling accounting education requirements and passing a CPA and ethics exam.
Working Conditions
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Tax attorneys may work in private practice or as part of a larger law firm. They spend much of the day in an office, but may be required to travel to clients’ homes or business, or meetings with IRS agents. Tax attorneys’ schedules vary based on the employer. Those in private practice can make their own hours, which may include evenings and weekends. Most tax attorneys work long hours, and often put in more than 40 hours a week.
Salary
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According to Salary Expert, a salary information website, the median annual wages for tax attorneys with less than a year of experience were $60,000 as of July 2010. Those with one to four years of experience had median annual wages of $72,000, while those with five to nine years of experience were paid median annual wages of $140,000. Tax attorneys with 10 to 19 years of experience had a median annual salary of $200,000, while those with more than 20 years of experience earned median annual wages of $240,000.
Employment Outlook
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The Bureau of Labor Statistics estimates that employment for attorneys, including tax attorneys, will increase by 13 percent between 2008 and 2018, which is about as fast a rate as the average for occupations. Changing tax laws and codes should create a need for tax attorney services. Competition will be strong for positions, however, because so many new attorneys graduate from law schools each year. Tax attorneys with degrees from prestigious law schools should enjoy the best prospects.
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
