Taxation is something that everyone must deal with at one time or another. It can be a very unpleasant task to have to pay taxes because they don’t seem to fall into place like they should. There are so many laws out there and it can be confusing for the average person to try and understand what each of the rules are and how they affect every other person who is working within them. This is where tax attorneys can come in.
They are most often referred to as tax attorneys or CPAs because they specialize in the field of taxation. Taxation is the process of collecting an individual’s or company’s tax liability on certain types of business transactions. Taxation attorneys are also commonly called upon to assist clients in understanding the complicated laws that govern taxation, including what is required of them to stay in compliance and what is owed to them in return for payment of their tax liability. Their role is very important when it comes to making sure that all parties involved in a business transaction understand exactly what is required of them.
When a tax controversy develops there are many different options available to a taxpayer. If the taxpayer can not come to an agreement with the IRS about the payment of their tax liability, they may choose to file a tax controversy with the IRS. If the taxpayer is successful in their tax controversy, the IRS will have no choice but to pay the deficiency that was assessed against the client, plus interest and penalties. However, this isn’t always the end of the story. Many tax disputes will result in a settlement before the case goes to trial, resulting in the IRS agreeing to accept a large portion of the tax liability in return for the client being financially compensated.
Because tax attorneys know so much about taxation, they can help clients determine if they are fit to pay their share of the burden. Taxation attorneys often work on a contingency basis, which means that they only receive a percentage of the winnings if they win the case. This is a better option than taking a large amount of money out of their own pocket, since the lawyer’s fees are tax-deductible on their winnings. Some tax attorneys even work on a retainer basis, which allows them to earn a percentage of any money earned after a lawsuit has been settled.
Another profession that may prove useful to tax law students is estate planning. The scope of this practice covers a variety of areas, such as saving for the future or passing on assets to family members. Estate planning attorneys are responsible for protecting the interests of their clients by working to ensure that their wishes are carried out as they would have been had they paid taxes at the proper rates. Many times an estate attorney is called upon to represent the heirs of a deceased person, which requires a great deal of knowledge about taxation.
Before considering law school admissions, it is important to remember that getting into a highly ranked program does not guarantee success in this area of study. Law school admission is competitive, and the competition can be particularly high for tax law programs. It is helpful, however, to be aware of all of the available options. Some people will not consider law school an entrance requirement, but it should definitely be considered, especially if you are concerned about earning an advanced degree. With a prestigious program such as the University of Michigan, law school admissions are certainly within reach.