Tax attorney is a specialist in the branch of law referred to as taxation law. These practitioners have wide knowledge in policies and rules that relate to tax liability and the process of taxation as related to material and intellectual property acquisition, business transactions, income, and estate transfer among others. These attorneys usually work as consultants for business entities as well as individuals. However, if there is a case that cannot be solved out of court, they can be hired on a retainer basis. When in need of the best tax attorneys Phoenix is the best place to go.
To become a tax attorney, one must start by first completing an undergraduate degree and securing admission into law school. Aspirants of taxation law have an added advantage if they focus on courses like economics, finance, accounting, or business during their pre-law school degree. Applicants of law schools must take and pass Law School Admission Test (LSAT) because admission is usually highly competitive. Services have been coordinated to allow students to register, receive results, and track applications online.
Law school education lasts three to four years. There is a close relationship between Certified Public Accountants (CPAs) and taxation law, which makes many students to pursue both courses concurrently. Some universities have made joint efforts to offer their students both courses at the same time.
Students take foundational and general courses during their first year at law school. Such courses include contract, tort, constitutional, civil, and property law. Specialization begins at second to third year and involves taking specific courses like income and business taxation. Students earn a Juris Doctor (JD) after graduation. Some pursue master of laws or other degrees afterward to further their education.
Licensure door opens after one is done with studies at law school. It is a requirement before practicing for lawyers to pass the bar exam. Topics covered in the exam are varied and it lasts for the next six hours. Passing an ethic exam is a requirement in some states too. After passing the aforementioned exams, a license is granted. The National Conference of Bar Examiners is the body responsible for administering the bar exam.
When faced with matter related to taxation law, clients usually seek the assistance of tax lawyers. These lawyers help clients maintain compliance and to understand taxation policies. They keep monitoring pending legislature and new developments and advice client on their ramifications. In addition, lawyers help with issues related to amending wills and trusts, distributing wealth to beneficiaries, negotiating on behalf of client at audit hearings, and managing personal wealth among others.
Taxation law has several subspecialties in which a practitioner may choose to specialize. Some of the most common ones include executive compensation, exempt organizations and municipal finance, tax litigation, international taxation planning, and general corporate tax. A practitioner can specialize in one or several of those subspecialties.
There are a few factors that determine how much a lawyer earns. Experience is the most determinant even though the size of the law firm one is working with is important. Clients usually prefer and pay more to lawyers with experience.
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