As long as you pay tax as a company or even as an individual, you may need the services of a tax lawyer at one point or the other. Let’s say you want to become an attorney but don’t know where to specialize. Becoming a tax is an excellent option for you.
So, this article on how to become a tax lawyer is a full guide on the educational requirements, career paths, and how much it may cost to become one.
You will also find in this article the obligation, and duties of a tax lawyer, how much you may earn as this professional, and a whole lot more. See the table of content below for a highlight of salient points discussed in detail.
A tax lawyer helps clients with their income taxes and guides them as they prepare them. Also, becoming an income tax lawyer will guide you to protect your client from passing through the stress of dealing directly with the IRS.
Besides, a tax attorney will help you save a considerable amount of dollars you might have lost through direct dealing. Matters related to the IRS are normally sensitive and coupled with wrong calculations, which may cost you time and money. That is why; a tax lawyer who understands all the intricacies involved in deductions is essential.
Table of contents
- What does a tax lawyer do?
- How many hours does a tax attorney work?
- Is a CPA also a tax lawyer?
- How long will it take me to become a tax lawyer?
- Where can I study tax law?
- #1. New York University
- #2. Georgetown University
- #3. University of Florida (Levin)
- #4. Northwestern University (Pritzker)
- #5. University of Virginia
- #6. Columbia University
- #7. Stanford University
- #8. Harvard University
- #9. The University of California (Irvine)
- #10. The University of California (Los Angeles)
- #12. University of Pennsylvania
- How much does an income tax lawyer make?
- What is the expected employment outlook for an income tax lawyer?
- Conclusion
- Frequently Asked Questions
- Recommendation
What does a tax lawyer do?
An income tax lawyer focuses on handling income tax legal issues. However, he/she guides you while preparing your taxes. Also, a tax lawyer can save you thousands of dollars as well as a lot of stress you may feel by dealing with the IRS.
Next, a tax attorney helps to navigate complex tax laws, documenting business entities. Also, becoming a tax lawyer can help us to advise clients on estate, tax, and financial planning. However, becoming a tax attorney to someone helps clients navigate the technical statutes which make up our tax laws.
Besides, income tax lawyers work for businesses and corporations to restructure debt. In addition, tax lawyers assist businesses with issues involving the distribution of profits and the treatment of capital gains and losses. Also, they write off non-performing assets and the establishment of retirement benefit plans.
How many hours does a tax attorney work?
A tax attorney work in a formal, professional office environment. However, a tax lawyer will always work long hours of 40-60 hours per week if working on a significant case. The intense pressure to correct every detail makes it a high-stress position.
Is a CPA also a tax lawyer?
A tax lawyer differs from a Certified Public Accountant, although both help taxpayers. Tax attorneys are legal professionals with law degrees. However, they have passed the state bar exam and specialize in the legal aspect of tax preparation. While CPAs help to prepare a client’s taxes.
Although both CPAs and tax attorneys can represent you in communications with the IRS, but, a tax attorney is the better choice if you have trouble with tax authorities, such as owing in back taxes or facing levies.
How long will it take me to become a tax lawyer?
First, you must prepare for and take the Law School Admission Test (LSAT). Before applying to law school, this exam tests reading comprehension and logical and analytical reasoning.
However, after getting the LSAT scores, you can use the Law School Admission Council’s Credential Assembly Service to help you submit your applications. Well, when choosing a law school, try and consider some factors. However, these factors include tuition, location, student body size, and the school’s overall quality, according to the Law School Admission Council.
Besides, all states require lawyers to graduate from a law school that the American Bar Association accredits.
Try to gain hands-on experience in tax law through an internship with a law firm specializing in taxation while in law school. However, you can learn from the law review and the political science club.
Once you finish law school, sit for the state bar examination in your state. However, state bar requirements vary. But all lawyers must pass a state bar examination to practice law.
However, some lawyers enter the right to practice tax law. But some prefer to complete a Master of Laws in Taxation to ensure mastery of the subject. Additionally, all lawyers must complete continuing education to maintain their licensure.
The U.S. Bureau of Labor Statistics projects that employment for attorneys, including tax lawyers, will grow by 6% from 2014 to 2024.
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Where can I study tax law?
#1. New York University
In the first year, law students get an interactive experience in practical legal skills through the school’s Lawyering Program. Students can further test their knowledge in more than 30 legal clinics and 25 on-campus centers in their second and third year.
However, the School of Law at New York University has an application deadline of Feb. 15. The full-time program application fee at the School of Law at New York University is $85. Its tuition is full-time: $66,422. The student-faculty ratio is 5.3:1.
#2. Georgetown University
The Georgetown Law Center is located near the heart of the American federal government in Washington, D.C. However, it has an application deadline of March 1. Thus, the full-time program application fee at the Law Center at Georgetown University is $85.
Also, the part-time program application fee at the Law Center at Georgetown University is $85. Its tuition is full-time: $62,244 and part-time: $42,237. The student-faculty ratio is 4.8:1.
#3. University of Florida (Levin)
Well, this school that trains tax attorneys has an application deadline of July 15. The full-time program application fee at the Levin College of Law at the University of Florida (Levin) is $30. Its tuition is full-time: $21,803 (in-state) and full-time: $38,039 (out-of-state). The student-faculty ratio is 5.8:1.
#4. Northwestern University (Pritzker)
However, the school for tax attorneys gives several Moot Court and Trial Team groups. Also, all students must participate in the Arlyn Miner First-Year Moot Court Program.
The School of Law at Northwestern University (Pritzker) has an application deadline of Feb. 15. Actually, the full-time program application fee at the School of Law at Northwestern University (Pritzker) is $75. So, its tuition is full-time: $64,402. The student-faculty ratio is 3.6:1.
#5. University of Virginia
To become a tax lawyer, you will pledge not to lie, cheat or steal, and anyone found guilty by a peer jury is expelled from the school.
However, the University of Virginia School of Law has an application deadline of March 4. Also, the full-time program application fee at the School of Law at the University of Virginia is $80. Its full-time tuition is $60,700 (in-state) and $63,700 (out-of-state). The student-faculty ratio is 6.5:1.
#6. Columbia University
The Law School at Columbia University has an application deadline of Feb. 15 for tax law programs. Also, the full-time program application fee at the Law School at Columbia University is $85. Besides, its tuition is full-time: $69,916. Thus, the student-faculty ratio is 4.9:1.
#7. Stanford University
Well, you can become a tax lawyer at Stanford University. However, it has an application deadline of Feb. 1. Also, a tax attorney’s full-time program application fee is $85. Its tuition is full-time: $62,373. Finally, the student-faculty ratio is 4:1.
#8. Harvard University
This school offers the Low Income Protection Plan to help prospective tax lawyers with minimal salaries manage their student loans. However, HLS has an application deadline of Feb. 1 for tax attorneys.
Also, the full-time program application fee for income tax lawyers at the law school at Harvard University is $85. Besides, its tuition is full-time: $64,978. Thus, the student-faculty ratio is 7.6:1.
#9. The University of California (Irvine)
However, the School of Law at the University of California–Irvine has an application deadline of March 1 for intending tax attorneys. Besides, the full-time program application fee at this school is $0.
Its tuition is full-time: $45,099 (in-state) and full-time: $51,593 (out-of-state). The student-faculty ratio is 5.8:1.
#10. The University of California (Los Angeles)
However, this school has an application deadline of Feb. 1. Also, the full-time program application fee for intending tax lawyers at the University of California (Los Angeles) is $75. Its tuition is full-time: $45,600 (in-state) and full-time: $52,094 (out-of-state). Above all, the student-faculty ratio is 5.9:1.
#11. University of Chicago
However, the Law School at the University of Chicago has an application deadline of March 1. Also, the full-time program application fee for those who want to become a tax lawyer is $85. Besides, the school’s tuition is full-time: $64,089. Above all, the student-faculty ratio is 5.1:1.
#11. University of Michigan (Ann Arbor)
Students who want to be income tax lawyers at this school can start their legal education in the summer. However, the Law School at the University of Michigan–Ann Arbor has an application deadline of Feb. 15.
Also, the full-time program application fee for prospective tax lawyers are $75. Besides, its tuition is $59,762 (in-state) and $62,762 (out-of-state). The student-faculty ratio is 6.8:1.
#12. University of Pennsylvania
The law school has an application deadline of March 1. Too the full-time program application fee at the law school at the University of Pennsylvania is $80. Its tuition is full-time: $65,804. The student-faculty ratio is 4.9:1.
How much does an income tax lawyer make?
In 2011, lawyers earned an average salary of $130,490 per year or $62.74 per hour, reports the Bureau of Labor Statistics. But this figure reflects all lawyers, regardless of industry. However, tax lawyers earn closer to $84,150 a year, or $40.46 per hour.
Besides, like any job, experience affects salaries, and tax lawyers are no exception. However, entry-level tax attorneys make less than the average amount and spend much of their time researching. Entry-level positions start at $77,000 and can stretch up to $105,000.
Also, experience creates a more excellent value for individual tax lawyers. Moreover, it leads to an increase in pay throughout their careers. As experience increases, so do salaries. Thus, top yearly salaries range from $79,300 to $118,800 in tax law.
What is the expected employment outlook for an income tax lawyer?
Well, tax law applies to every sector of employment. However, some law firms hire tax attorneys. Also, most accounting firms have tax lawyers as part of their staff. There is no shortage of opportunities for income tax lawyers. However, this has made for a promising future filled with many opportunities.
One of the most important things about being a tax lawyer is its flexibility in the job market. Tax lawyers can work for large corporations, any size law firm, or even go into business for themselves.
Besides, tax lawyers could also represent clients in legal matters with the IRS in the courtroom. Becoming a tax lawyer is one of the most stable choices for any lawyer. However, this is because there will always be demand for them in different sectors.
Conclusion
Tax lawyers represent clients before federal, state, and local taxing authorities and individuals and businesses under audit by the Internal Revenue Service. Other roles of a tax attorney include structuring, negotiating, and documenting business entities.
Also, he/she advises clients regarding the tax implications of specific financing, joint ventures, tax-exempt, taxation of compensation, estates, and gifts, and the U.S. taxation of international transactions.
Tax attorneys advise corporations and high-net-worth individuals daily concerning tax law. However, some tax attorneys work only in estate law. Also, they might appear before federal, state, or local taxing authorities.
Frequently Asked Questions
Honestly, tax lawyers in rural areas with less experience can expect $40,000 to $50,000 a year. The U.S. national average for tax lawyers is slightly higher at $62,000 annually.
The 2018 survey indicates a slight increase in the national lawyer population, rising 0.2 percent from 1,335,963 active resident attorneys on December 31, 2016, to 1,338,678 lawyers on the same day in 2017.
However, you can become a tax lawyer by following the steps below:
Step 1: Complete a Bachelor’s Degree Program.
Step 2: Take the LSAT.
Step 3: Graduate from Law School.
Step 4: Take the Bar Exam.
Step 5: Work as a Tax Lawyer.
Step 6: Consider Earning an LLM.
Most tax attorneys charge by the hour. Every attorney will charge a different hourly rate, but most rates are between $200 to $400 per hour. Highly experienced attorneys or attorneys working in big firms in large cities can charge more than $1,000 per hour.
You need solid accounting and math skills and excellent oral and written communication skills. Top-notch analytical and critical thinking skills are required to practice in the area of tax law.
References
- What is the Average Cost of Hiring a Tax Attorney
- How Much Will a Tax Lawyer Cost Your Small Business?
- 9 Reasons Why You Should Study Tax Law – NEL
- What It Is Like to Be a Tax Law Attorney – Tax Attorney Careers
- How to Become a Tax Attorney – Tax Lawyer Salary Guide
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