Finance — 1 month ago

What is a Tax Lawyer?

by Ben A.

What is a Tax Lawyer, Tax Lawyer

What is the Job of a Tax Lawyer?

Tax attorneys or tax lawyers guide their clients through tax laws that can be complicated thus saving a large amount of money of the latter by taking leverage of permissible deductions. They also help companies and individuals when an audit is conducted by the IRS or Internal Revenue Service.

Functions of a Tax Lawyer

Taxes keep changing and can be complicated for the common man to understand. Tax lawyers have the expertise and the know-how in this ever-changing field. They conduct investigations and interviews, do research, as well as, explain complicated federal, state, and local taxation systems to their clients. A seasoned tax lawyer usual has excellent oral and written communication skills. Based on his/her position, a tax lawyer can work for long hours and often have to travel while representing their clients.

A Tax Lawyer may Handle the Following Situations:

1. Selling or Purchasing a Business

A tax attorney may guide entrepreneurs on issues like depreciation and capital gains tax for minimizing their tax liabilities.

2. While Starting a Business

A tax lawyer assists their clients to select the type of entity such a C-Corp, S-Corp, LLC or Limited Liability Corporation and ascertain the potential outcomes of their tax.

What is a Tax Lawyer

3. Owning an Overseas Business

Tax lawyers guide their clients about exemptions if applicable and advise them on how to avoid paying unnecessary taxes. Also, while engaging in international business, a businessman needs help with different legal matters and contracts.

4. Leaving Property or Money to Heirs

Tax attorneys can assist a client on devising strategies for estate-planning so that the latter can remain below the threshold of the tax exemption, as well as, to prevent a huge chunk of the estate from being taxable.

5. Audit Conducted by the IRS

A tax lawyer can help his/her clients to prepare for their audits. It has to be understood that audits do not always signify that the clients did something incorrectly. Rather, it simply denotes that the IRS wishes to have a closer look. A tax attorney can guide their clients in meeting the officials of IRS; represent their clients in tax court, when required, and for navigating the process.

Job Opportunities for a Tax Lawyer

A tax attorney can get work in different types of settings. These include jobs in government agencies, law firms, and accounting firms. It is also possible for them to indulge in private practice as a member of one of the financial teams or as an individual. A tax lawyer also works in large businesses and organizations as an in-house counsel.

 Tax Lawyer

They may also work as legal secretaries and job functions include preparing correspondence and documents, maintaining a proper schedule of appointments and meetings, organizing digital and paper files. In order to get the job of a legal secretary, a tax lawyer should be proficient in administrative and secretarial skills.

Tax lawyers can also get employment as legal or paralegal assistants. They are specially trained assistant who writes reports, conduct fact checks, and perform research.

What is a Tax Lawyer Salary?

ZipRecruiter, a jobs website shared that the salary of an average tax lawyer in the United States of America is 100,690 USD. At the same time, salaries can be different from individual to individual based on different factors such as credentials, client, and employee demographics, additional skills, experience, and geographic location.

In America, Tax lawyers have reported a higher job satisfaction level in comparison to other categories of legal practice. While their work is usually less stressful, they enjoy strong earnings. The profession offers greater work-life balance and flexibility as compared to other career alternatives in the legal occupation.

Some tax lawyers also have an accounting background, although they are not engaged in the preparation of tax returns. Instead, their expertise is devoted toward the tax situations’ legal implications.

 


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