Everything you need to know about a tax lawyer
Tax lawyers are familiar with tax laws, regulations and policies at several levels: federal, state and municipal. In addition to preparing tax returns, tax advisors can:
- Represent clients in disputes with tax authorities.
- Advise clients on the tax implications of
- inheritance transfers,
- real estate acquisitions,
- business operations, and
- the different business structures.
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Education and experience
To become a tax lawyer, a person usually needs to graduate from college and then law school and earn a Juris Doctor (also known as JD) degree. .) license in taxation.
To be licensed to practice law in the United States, a law school graduate must pass a state bar exam.
- Bar exams last two to three days.
- Candidates spend one to two days answering essay questions about legal principles and state laws.
- The last day is usually devoted to the Multi-State Bar Exam (MBE), a standardized test consisting of 200 questions.
- The MBE is administered on the same day across the United States.
Some tax advisers are also Certified Public Accounts (CPA). This means that they have:
- Have completed the required number of semester hours in college (typically 150) of accounting courses.
- Passed the Uniform Certified Public Accountant Examination, a rigorous accounting test administered by the American Institute of Certified Public Accountants.
- Most states require that CPAs also complete at least 80 hours of continuing education every two years.
Tax attorneys who are also CPAs are ideal for situations involving both complex accounting and legal issues. They can provide you with legal advice, draft the necessary legal documents, and prepare and file tax returns.
Protect the rights of a client
A tax lawyer can help you protect your rights and negotiate with the IRS on your behalf. With their in-depth understanding of tax law, tax advisors are well qualified to serve as an intermediary between their clients and the IRS and are qualified to:
- Challenge IRS rulings in court
- Tax refund
- Stop wage garnishment
- Cancel property privileges
- Abolition of account debits
- Negotiating Compromises with the IRS
If the IRS has assigned an agent to your case, it usually means the IRS is about to take action against you. If you don’t have a tax lawyer yet, this is a clear sign that you might want to contact one.
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Assistance with personal wealth management
Many taxpayers hire tax advisers to help them reduce their tax obligations before filing a tax return. A tax lawyer can provide related legal documents and offer advice on how to manage your personal wealth to minimize your taxes. Other wealth management services offered by tax lawyers include:
- Estate planning
- Creation of wills and trusts
- Incorporate businesses
- Drafting of commercial contracts
- Advice on international tax considerations
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