For the fiscal year 2021, the federal government is guessing that it will rake in more than three trillion dollars in tax revenue. Much of our lives revolve around taxes and doing our best to legally pay as little as possible.
As the government tries to collect more money from Americans, and the tax code becomes more complicated, tax professionals will only become more necessary.
If you are interested in exploring careers in tax, then you have a lot of options to choose from. Luckily for you, we’re here to help you figure out the best path for you. So if you would like to learn more then keep on reading and we will take you through everything you will want to know!
Judicial Clerk at Tax Court
The United States Tax Court is located in Washington, DC. The court employs a variety of law clerks (also known as attorney advisers) to help the judges who oversee cases.
These law clerks can conduct legal research. They are also able to draft opinions and perform a variety of other functions that the judges need to adjudicate cases that are presented in front of the court.
Tax law deals with local, state, and federal taxation. This can include property taxes, income taxes, gifts, estate taxes, payroll and employment, capital gains, and business taxes.
The federal government and some states collect income taxes and social security taxes. States come up with administrative fees for things like licenses and car registration. Local taxes can include taxes on county and city services, sales, and real estate.
Tax Lawyer
Tax lawyers work to help clients with different tax laws. They can provide proactive suggestions or represent people who are dealing with legal issues and audits and can also help businesses with tax preparation austin tx (or wherever your business might be). Some also represent criminal clients who are being charged with fraud and tax evasion.
Tax lawyers can also represent people in tax disputes. They can work in the government or serve as corporate in-house counsel. Tax lawyers can also run their own private practices where they help companies and people.
Some companies hire tax lawyers on a freelance basis when a tax problem comes up. Employment, real estate, and estate planning lawyers usually run into tax issues at some point and might seek help from a tax lawyer. They tend to go to reliable sources, such as TaxFyle to find high-quality lawyers.
Tax lawyers work to help clients with different tax laws. They can provide proactive suggestions or represent people who are dealing with legal issues and audits. Some also represent criminal clients who are being charged with fraud and tax evasion.
In order to be a good tax lawyer, you will need to have a good grasp of math and accounting. You’ll also need to be good at communicating and be able to explain complicated tax laws to regular people. You’ll need to utilize critical thinking and you’ll have to help your client come up with the best decision to achieve their goals.
Tax lawyers perform legal research by making the most of computer databases. They read a lot of material that has to do with tax law updates and they negotiate with authorities, like the Internal Revenue Service (IRS). These lawyers analyze evidence, draft letters and contracts, and make presentations to clients and other authorities.
Tax lawyers need to understand both personal tax and corporate tax.
Certified Public Accountant (CPA)
A CPA, otherwise known as a certified public accountant, is a finance professional who has passed the CPA exam. CPAs help companies, organizations, and people communicate and interpret their financial data.
A CPA can assist with reaching financial goals, planning, audits, taxes, investments, and managing costs. A CPA license is a popular accounting credential and offers a lot of employment opportunities. This includes working for a charity, the government, as a chief financial officer (CFO) of a company, for a big or small business, or individual people.
A CPA is able to provide tax and auditing services that a regular accountant isn’t able to do. This includes submitting reports to the Securities and Exchange Commission (SEC). It also includes signing tax returns and auditing public companies.
Certified public accountants are considered to be experts in finance.
Education
Someone who wants to become a Certified Public Accountant (CPA) will need to at least have a bachelor’s degree, but preferably a master’s degree in accounting. Additional courses might also be needed. You become a licensed CPA through the state, not the federal government.
Some states require candidates to complete 150 semester hours before they can take the CPA exam. A CPA can take extra classes to earn a master’s degree.
A lot of colleges offer combined bachelor’s and master’s programs in finance and accounting.
Usually, required courses include economics, statistics, finance, business management, business ethics, and accounting principles. Advanced classes include specialized account topics. These can be cost accounting, accounting theory, financial controls, and tax planning.
After a person earns a CPA license, they need to complete continuing education every few years to renew their CPA licnese. It is important that you check with your state’s accounting board to see what is required of you.
The Importance of Knowing the Different Careers in Tax
Hopefully, after reading the above article, you now understand the different careers in tax. As we can see, there are several routes that someone interested in the tax field can go down. This is why it is so important to understand what your interests are so that you can choose the right tax career for you.
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