When it comes to federal taxes, businesses face a number of challenges. Though actually handling the burden of paying their taxes is a hurdle in its own right, it’s not the main problem for most businesses. In fact, understanding tax laws and how they apply to them, specifically, is typically more of a struggle. In addition to that, how a business is structured and its accounting methods can pose even more difficulties.
Complying with not only their own tax obligations but also employee withholding requirements only compounds the situation. To make matters even more complicated, tax laws are constantly changing, making it extremely difficult for companies to keep up with the latest revisions. With all that being the case, the demand for attorneys with in-depth knowledge of tax laws is on the rise. Lawyers with an LLM in taxation can fill that role for businesses.
What Is an LLM in Tax Law?
An LLM, or Master of Laws, is an advanced law degree. It’s designed for attorneys who have already earned their Juris Doctor degree but want to focus on a specific legal field. LLMs are available in several specific practice areas, including cybersecurity, environmental law, dispute resolution, human rights, and business law to name a few. Tax law is one of the most popular fields attorneys choose to pursue.
How an LLM in Tax Law Can Foster Your Career
Earning an LLM in tax law can help shape your legal career in many ways. One of the most obvious would be giving you more job opportunities. With this type of degree, you may be able to move up in a law firm. At the same time, an LLM in tax law may give you the option of working with accounting firms, government agencies, and many other types of entities. Having extensive knowledge of this field of law will make you an attractive candidate for a variety of positions.
Meeting a Growing Need
With an LLM in tax law, you’ll be able to meet a growing need in the business world. As mentioned, tax laws are particularly complex. Countless businesses face tax compliance issues every year. Most of them don’t intentionally circumvent the laws; in many cases, they simply don’t understand what’s required of them. Though it’s an inadvertent oversight, it can be a costly one. From another angle, many businesses miss out on deductions and write-offs that could help them because they don’t fully comprehend them. If you’re armed with comprehensive knowledge of tax laws, you could be an invaluable asset.
Having More Flexibility
Furthermore, having an LLM in tax law will give you a great deal of flexibility in your career. As mentioned, this degree will bring you a range of new opportunities. You’ll have your choice of career paths to follow from working with non-profits or helping entrepreneurs start off on the right foot to working with government agencies or helping clients with estate planning. You could work with a single company or as a consultant for multiple businesses. Earning an LLM in tax law could even be a gateway into teaching law students.
Advancing Your Legal Career With an LLM in Tax Law
Businesses face an ever-growing array of challenges when it comes to tax laws. As such, many are turning to attorneys with in-depth knowledge of tax laws for help. By earning an LLM in this field, you’ll be able to meet their needs. This type of degree can bring you numerous benefits whether you simply want to boost your earning potential or you’re interested in pursuing new career opportunities.
