what it like to be a tax attorney reddit

What is it like to work as a tax lawyer?

That said, consider that if you want to practice tax law as an attorney you're likely in for at least 4 years of school since an LLM is almost always required for a decent law firm position practicing tax. Those don't usually come with scholarship (unless you can get into a school offering a dual-degree program).

What does a career in tax law look like?

Probably about 75% of the group are attorneys with tax LLMs from NYU or Georgetown. As with any job in M&A, the hours can be tough and the work can be stressful. Hours are probably a little lighter than a law firm, the pay is lighter too. I would be happy to answer any specific questions you have about tax M&A at big 4. 4 level 2

What does a typical day look like for a tax lawyer?

Tax lawyer career path. Career. Currently entering my junior year, about to wrap up my (mostly) tax internship at a top 10 firm. I’m interested in attending law school in the future, likely with a concentration in tax. I will most likely intern in a finance/accounting department for a manufacturing company to get some experience in private ...

What are the different types of tax lawyers?

Tax Attorney for federal government. 40. 60-80 when I have briefs due or a big trial (maybe 3-4 times a year). But I'm in litigation. I'd say 100% of non litigation tax attorneys in federal service don't ever work more than 40 a week. Tax litigation attorneys at the DOJ are their own beast and DOJ attorneys as a whole seem to work more hours.

Do you have to work for a big firm?

To do that, you almost always have to work for an extremely large firm. Very few small shops have the quantity of work with a those sort of tax implications to have any real full time tax experts. Big law comes with its downsides. You work a lot of hours and you're essentially always on call.

Can you skip a year as an associate?

You would NOT be able to skip a single year of being an associate. You'd be a 1st year associate like everyone else. While you have a good bit of tax accounting experience, like all of your peers, you'll have 0 years of tax LAW experience.

Can a law firm hire without experience?

Law firms tax departments typically will not hire without experience, and they will not allow associates to lateral out of accounting firms. That is why a huge portion of newly-minted LLM students end up in accounting firms for their entire careers.

Is it difficult to break into tax law?

Caveat: tax law is VERY DIFFICULT TO BREAK INTO IN A LAW FIRM SETTING. If you go back to law school and obtain an LLM, there is a greater than 50% chance you will end back exactly where you are now for the rest of your career (i.e., an accounting firm).

Is international tax law a good career?

Tax law is a great career choice. International tax law is an ever better career choice. I don't see a robot being able to do what I do for at least 100 years from now, if ever. Source: I am a 7th year international tax attorney. Caveat: tax law is VERY DIFFICULT TO BREAK INTO IN A LAW FIRM SETTING.

What do tax lawyers do?

Of course, they specialize in helping people file tax returns and responding to IRS audits, but take a look at all of the ways in which a tax lawyer could assist you! 1. When You Owe Back Taxes.

When do you need to hire a tax lawyer?

1. When You Owe Back Taxes. Not everyone who owes taxes needs to hire a tax lawyer. However, if you find yourself in a position where you owe the IRS an excessive amount of money, you may need to look into. This includes if you owe the IRS money from the year or years below.

What is the penalty for not filing taxes?

The penalty for failing to file is 5% of what you owe for up to five months. After that, the IRS can choose to come after you with criminal or legal charges.

Why don't people file taxes?

Most people who don’t file their taxes fail to do so because they know or suspect they’re going to owe money to the IRS and don’t want to pay it.

How long is a tax refund valid?

However, that refund has an expiration date and will only be valid for three years.

What happens if you don't pay taxes?

At this point, if you don’t pay, the IRS will send you a final notice, giving you 30 days to request a hearing with a settlement officer.

What to know about tax law?

Facts to Know About Tax Law and Tax Attorneys. Not many people enjoy watching their hard-earned dollars come out of their paycheck every month. They enjoy it even less when they owe taxes at the end of the year. However, taxes go to some pretty important things that we take for granted in our day to day lives.

What does it mean to be a lawyer?

Being a lawyer means being a writer. Just when you thought those law school papers were done, that's not quite the case. "I'm a litigator, which can be a bit like writing a term paper every night for the rest of your life," Devereux says.

What are the common problems lawyers face?

Burnout, stress, and depression are incredibly common among lawyers. Make sure you take advantage of mental health days, vacation days, and sick days, and if you're truly struggling (or your colleagues are), consult a mental health practitioner. 15. You probably won't be rich.

Do lawyers spend time in court?

You probably won't spend much time in court. All the movies that show lawyers only working when they're in court are not at all accurate. " In fact, you might never see a courtroom," Devereux says. You'll probably be spending a lot of time alone, in an office, researching cases, and processing paperwork.

Can I pass the bar exam on the first try?

You may not pass the bar on the first try. The bar exam wasn't exactly designed with everyone in mind. " Here’s the thing. The bar exam—like most academic exams in our country—was first developed by white, affluent, powerful men (a.k.a. the patriarchy) who very much wanted to retain their power," Rodgers says.

Can you work remotely with copyright clients?

And it may allow you to move around or work remotely. "Because trademarks and copyrights are regulated by a federal agency, you can work with trademark and copyright clients from any state. This gives you lots of flexibility if you don’t want to be stuck in the state in which you are barred," says Rodgers. 6.

Can you make a partner?

It's not easy to make partner (or become a part-owner of a firm instead of an employee), even if you're a top performer. "In my experience, most people I worked with did not make partner," Jamie says. Often, it's worth it to leave and go to another firm to get to that level, she admits.

Does law school teach you how to practice law?

" Law school doesn't really teach you how to practice law," Devereux says. It turns out, you have a lot left to learn. "In the beginning, it may seem like nearly every time you are assigned a task, it's something that you've never done before," she adds. But don't worry, eventually, with more practice (pun intended) you'll get the hang of the skill set and type of law you're practicing. "The anxiety should subside after a couple of years when you've developed a decent base of skills," Devereux says.

What does a tax lawyer do?

On any given day, a tax lawyer may work on many different matters, including structuring an acquisition, writing a tax opinion, or giving general tax advice. Compared to lawyers in other groups, a tax lawyer’s time is not usually consumed by one or more large matters.

What does an associate do at a large firm?

Associates at large firms may also spend time reviewing tax disclosures in securities offerings, reviewing and negotiating the tax representations and other tax-related provisions in merger or other acquisition agreements, reviewing and negotiating the tax provisions in loan agreements, or drafting tax opinions.

Why is tax structuring important?

In a lot of transactions, tax structuring is key, so tax lawyers can play a prominent role and have a chance to be creative in devising new tax-efficient structures. Those interested in tax policy can become involved in organizations that comment on proposed Treasury Regulations and other government guidance.

Can a tax lawyer practice in a firm?

Tax lawyers who don’t enjoy practicing in a firm but still enjoy tax law can move in-house to companies with their own tax departments or the need for in-house tax counsel (for example, banks, large public companies, hedge funds or private equity funds).

Is tax law a good fit for a young lawyer?

There is a steep learning curve, and U.S. tax laws are extremely complex and constantly changing. Even tax lawyers who have been practicing for 30 years don’t know everything there is to know about tax. For young lawyers who enjoy challenging themselves intellectually and mastering complicated subjects, tax law is a good fit.

Do tax associates spend more time researching?

Junior associates often spend a fair amount of time researching discrete issues . Although more senior lawyers spend less time on research, tax lawyers throughout their careers devote more of their time to research than lawyers in other practice areas.

Is tax law intellectually demanding?

Tax is intellectually demanding, and it is difficult to keep up with constant changes and new developments. Besides handling the day-to-day client work, a tax lawyer has to be committed to spending time keeping up with changes in tax law and learning new areas. Of the people in this practice group who hate it, what exactly do they hate about it? ...