Many people assume that if they have an accountant, they don’t need a tax lawyer. However, working with this professional benefits them greatly, as a tax attorney understands the complexities of tax law. Individuals currently working as attorneys may wish to pursue an advanced degree to help others deal with these complex issues.
Law Degree Options
A person has two options when pursuing a master’s degree in tax law. They may obtain an LLM in taxation or an MLS. What is the difference between these degrees?
Individuals with a Juris Doctor degree from an accredited law school may pursue a Master of Laws in Taxation or LLM. This degree demonstrates that they possess the necessary skills to specialize in this field. Students can typically complete the degree in one year.
A master’s degree in legal studies with a focus on taxation is for students who don’t hold a Juris Doctor degree. Bachelor’s degree holders may apply for this program to gain specialized legal skills and knowledge in tax law, and they don’t need to go to law school to obtain the degree. As with the LL.M., an MLS program takes approximately 1 year to complete.
Tax Law or Tax Accounting
Tax lawyers and tax accountants often focus on similar areas. However, their duties differ when working with clients. Tax law professionals handle legal tax matters related to various entities and individuals. They help clients facing liens or levies, as well as those who owe back taxes. Furthermore, they represent clients before the Internal Revenue Service or other legal authorities. These attorneys help resolve disputes and tax controversies. Tax accountants assist clients in preparing their tax paperwork. They file these returns on behalf of clients and help reduce tax liabilities while maximizing benefits.
Careers for Individuals with an LLM
Individuals with an LLM may work as tax attorneys. When a client must go before the IRS, the tax attorney represents them on matters related to business ownership and lawsuits. Furthermore, these attorneys assist clients in establishing business entities or expanding into international operations.
Estate planning attorneys help clients minimize their tax liability upon their demise. Furthermore, these attorneys work closely with clients to ensure their assets are protected in the event of incapacitation. They assist clients in drafting wills, living trusts, and other estate planning documents.
Individuals with an LLM may choose to work as a tax consultant at an accounting firm. Their knowledge of current tax laws, planning, and compliance is beneficial to accountants. An accountant can consult with them to ensure the information they are providing clients is accurate. The tax consultant may be asked to research tax laws and identify ways to help a client minimize their tax liability in a legally compliant manner.
Some individuals who obtain an LLM choose to work as financial product advisors. Clients want to ensure they are making the right decisions regarding their retirement, investments, and other financial matters. Financial product advisors sit down with clients to learn about their financial goals and determine which products will help them meet these goals.
Some individuals who choose to pursue an LLM may opt for a career as a tax lawyer at the United States Department of Justice. These individuals work with the IRS and handle lawsuits against individuals who owe money to the agency. Furthermore, these attorneys defend the federal government if somebody chooses to sue.
Obtaining an LLM expands a person’s job opportunities. Furthermore, it allows them to command a higher salary. As this degree program can be completed in one year when the student attends school full-time, it is an option that every person should consider.
