Tax law, also commonly referred to as revenue law, enables you to study various legal prospects that must be dealt with in an economy. Studying tax law includes constitutional, regulatory tax rules, common law, tax treaties, and statutory, all with a common agenda that involves the constitution of laws that suitably apply to taxation.
If you are interested in building a career in this particular field or are curious to know more about it, you have landed the right content. A tax attorney’s primary job is to keep up with diverse tax-related issues for the government, corporations (not for profit and for-profit, both) and individuals. They handle complicated tax regulations and laws that a corporation must adhere to tax-worthy items such as property, profits, and income.
To be a tax lawyer, you would need seven years of academics after high school, inclusive of an undergrad study and three years spent at law school. This is one of the most engaging tax-related fields out there and is also uniquely fulfilling. It offers job satisfaction for the individual, and regardless of the economy going through a recession or a boom, the tax would remain a relevant field.
Here is a list of options for you to understand the dynamics of this field better than ever.
One of the biggest edges this field gives is you is the fact that you can internationally pursue your career and practice it globally. Tax regulations are an unavoidable factor that every country and organization is prone to respond to. Long before, international taxation law had been considered a subject targeting niches only. However, with further development in economies and with globalization, that factor does not stay the same. In fact, tax attorneys (in the international arena) working for large firms generally have to deal with domestic organizations that seek investment opportunities overseas or even foreign investors seeking local revenue knowledge. This is a promising path to continue, especially if you wish to have a career internationally.
Moreover, the more skilled you tend to become with your increase in experience, you are more likely to get better job opportunities, globally. You could even enhance your skills as a tax lawyer further by simply pursuing your education, and with the advancement of technology, there is no easy and better way to do it, then with the comfort of your home. Consider studying a master of taxation online to widen your career prospects.
This may seem obvious, but tax lawyers are often found working at law firms. Whether it is solo-practitioners or multi-national firms, regardless of size, tax work must be done at all law firms. Tax attorney’s working at law companies mainly plan and deal with tax controversies and are very rarely found complying with companies to audit and accurately report their tax. Therefore, they are likely to guide a company through the tax-related steps it must take that happen to be favorable and are less likely to calculate the precise ‘favorable’ outcome for them. Here quality is preferred over quantity in terms of tax work, relative to accounting and consulting companies.
It may not be surprising to note how ‘revenue’ focused job descriptions also happen to work at accounting and consulting firms. Here tax attorneys are more likely to be included in their client’s team of advisors. Precise planning and compliance work that requires a tax lawyer to ensure companies appropriately report tax matters to the government. While the nature of these firms tends to differ from one another, in some countries, tax attorneys at accounting and consulting firms offer tax advice rather than practicing the law, which is an aspect left particularly to law firms.
On the other hand, besides corporations, tax lawyers work for the government in many aspects and positions. They handle more complex matters that involve civil and criminal controversies on behalf of the government. Tax drafting regulations in compliance with federal or local administration, responding to ruling requests put up by taxpayers, being a tax court judge, or tax court clerk are some of the key responsibilities or options a tax attorney must fulfill. Legislative policy drafting is another opportunity you could get while working for the government.
Internal Member Of Organizations
Tax lawyers could have a chance of working for non-profit or for-profit organizations as an in-house member of the firm’s team. Compliance work, dealing with a tax controversy, and tax planning are all that is required when working for such organizations. The job descriptions might differ from one firm depending on the other due to the scalable size of the company. Most of them tend to work in the tax department that must report to higher financing authorities such as CFOs.
Lastly, another option out there for tax attorneys is to pursue their career academically by teaching students about tax law, researching accordingly, drafting laws, and have a chance at participating in the administration of institutions. They may also work for policy centers and related organizations.
The Final Word
There are many reasons why you should study tax law. Pursuing a career in this path offers you job security as well as diversity in more than any of the law-related fields out there. This is mainly due to the fact that every economic agent would need the assistance of a tax attorney in one or the other, whether it involves compliance, planning, or controversy. Regardless of the upturns or downturns in the economy, tax is an economic phenomenon that must be regulated at all times.