Specializing in tax law can be a lucrative career, but it is important to be well prepared before applying for jobs and entering the field. Those who are interested in tax laws, their application, and more will want to make sure they have the appropriate education and choose the correct career path for their interests and needs. They will want to make sure they do all of the following to be ready to start working in tax law.
Bachelor’s Degree Followed by Law School
Students interested in tax law will need to start by earning their bachelor’s degree, then look into law school. This will give them the basis they need to get started learning about tax law. During law school, it’s a good idea to focus on tax-related classes to have a good basis to build on further. Students may also want to look into internships that will give them relevant experience. After finishing law school, they may want to look into getting an LLM in taxation to further their expertise and open the way to more lucrative jobs.
Licensing and Certification
After getting the right education, it’s necessary to pass the bar to become licensed to practice law in the state. From there, it may be a good idea to consider becoming a certified public accountant (CPA), as this can be important in certain fields of tax law. To become a CPA, students will need to take and pass all four parts of the CPA exam. They can also consider becoming an Enrolled Agent (EA) who is licensed to represent taxpayers against the IRS. This is perfect for those who want to specialize in being able to help people and companies with audits, filing taxes, and appealing decisions by the IRS.
Choosing a Career Path
After finishing the educational requirements, the next step is to choose a career path. It’s important to consider interests, needs, salary requirements, and more before making a decision, as there are many different options that could be a perfect fit. Some of the career paths to consider include the following.
- In-House Corporate Counsel – This job involves advising companies on tax strategies and risk management.
- Law Firm – It’s possible to work at a law firm to help handle business transactions or work with either corporate clients or individuals with a high net worth.
- Government Jobs – Government jobs can include working for the IRS or state tax agencies.
- International Tax Law – Corporations often have to handle taxes in different countries depending on where they’re based, so those who are interested in international tax law can help with planning and compliance.
- Academic Jobs – Those who enjoy teaching can help to educate the next generation of tax law experts.
- Policy Roles – These jobs involve helping to shape and contribute to tax policies for the future.
Are you interested in tax laws? With a positive industry outlook for the future, plenty of career paths to choose from, and more, it’s a great path for those who enjoy tax law or who want to be able to do more and earn more money. Make sure you have the appropriate education and training needed, and then start thinking about the career path that would meet your needs to find the perfect job.
