Career Options With A Master’s in Tax Law

Accounting professionals help individuals and businesses file taxes. However, tax lawyers can help individuals, companies, and organizations navigate the complex world of tax law. A career in taxation law could be a good choice for someone who is interested in law, but wants to do other work than being in a courtroom.

The American Bar Association lists tax career paths:

  • Corporate tax
  • International taxation by the United States
  • Partnership tax
  • Local and state taxes
  • Gift and estate tax
  • Individual income tax
  • Organizations exempt from tax
  • Tax issues relating to executive compensation and employee benefits

Different types of master’s degrees in tax law

Two main types of master’s degrees in tax law are available: a Master of Laws, (LL.M.). Master of Legal Studies (MLS), in taxation. These degrees are focused on the legal side rather than accounting degrees such as a Master in Accountancy, Master Science in Accounting, or MBA in Accounting.

Master of Laws (LL.M. Master of Laws (LL.M.) in Taxation

Master of Laws (LL.M.) A Master of Laws (LL.M.) in Taxation is a degree that requires students to have a Juris Doctor (J.D.). An accredited law school will grant you this designation. The LL.M. The LL.M. in Taxation degree equips already established legal professionals with the skills necessary to become tax specialists. An LL.M. An LL.M. in Taxation is useful for people who have finished law school and wish to specialize in one area. It usually takes a year for full-time students to complete the program.

Master of Legal Studies (MLS), Taxation

A Master of Law Studies (MLS) degree in taxation does not usually require students to have a J.D. This degree is usually open to bachelor’s degree holders. Non-lawyers can earn a MLS in Taxation without needing to go to law school. Typically, courses in an MLS degree program are the same or similar to those taken by first year J.D. students. Students will acquire taxation-specific skills in research and writing, civil procedure, contracts, and other topics relevant to taxation. If students work full-time, the MLS in Taxation program usually takes one year to complete.

Master of Legal Studies in Taxation

  • MLS in Tax is not for lawyers
  • You can complete it in one year
  • You do not need a GRE/LSAT score in order to apply
  • J.D. not required to apply No J.D.

Master of Laws (LL.M. Master of Laws (LL.M.) in Taxation

  • You can complete it in one year
  • Complete 100% online
  • J.D. J.D. required to apply

Tax Law vs. Tax Accounting

Although the tax focus area overlaps with tax accounting professionals and tax law professionals, the specific duties are different. Tax lawyers have the expertise and authority to handle tax entities. A tax lawyer can help individuals and businesses that are subject to liens, levies or owe back tax. The tax law profession represents clients in conflict with the Internal Revenue Service (IRS) or legal authorities. They are experts in tax controversy and dispute resolution. According to the Bureau of Labor Statistics, tax accounting professionals can prepare taxes for individuals and businesses. They help clients reduce their tax liabilities and maximize federal tax benefits. After we have discussed the differences between titles and degrees, here are some possible careers in taxation that you might consider if you have a master’s degree.

The Best Careers with LL.M. Top Careers with LL.M.

There are many career options in tax depending on your education and experience. A master’s degree in taxation can help you increase your earning potential. A graduate with an LL.M. Graduates with an LL.M. degree may have higher earnings than those who only have a master’s. According to the Bureau of Labor Statistics report “Unemployment rates, earnings by educational attainment”, in 2019, professionals with a professional degree earned $1,497 per week compared to those with a masters degree who earned $1,248. This is a difference of over $10,000 per year.

Tax Attorney

When clients are facing problems with business ownership or lawsuits involving IRS, tax attorneys represent them. Tax attorneys assist business owners in setting up international businesses or setting up new entities. They can also assist clients who are under investigation by the IRS, or who want an independent review of a U.S. Tax Court matter. The 2019 median salary of lawyers was $122,960 annually, according to the BLS.

An Estate Planning Advisor or Lawyer

Tax law is a key area of expertise for estate planning advisors and lawyers. They assist clients in organizing and protecting assets in the event of a client’s death or incapacitatement. They can also help you create living trusts or last wills. They can also help clients with estate taxes.

Accounting Firm: Tax Consultant

Tax consultants keep current on tax planning, compliance and laws. They collaborate with accounting firms to ensure that their accountants provide accurate information and services. They do research on tax laws and help clients reduce tax liability.

Financial Product Advisor

Financial advisors assist clients in making decisions about investments, retirement, taxes and estate planning. They also help with college savings, insurance, mortgages, and other financial matters. They help clients set financial goals and recommend financial services that will help them achieve those goals.

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