What exactly is Tax Law? Tax law or taxation law is a field of law dealing with the collection and assessment of taxes in a particular legal context where governmental or public bodies, like state and federal governments, use a body of laws and rules to legally assess and collect taxes from citizens on their income or assets for payment to the government. Some taxes are regressive in nature, as they are based on income and wealth. These include estate taxes, property taxes, sales taxes and inheritance taxes. The progressive taxes, however, increase in value over time.
If you are faced with the prospect of a tax controversy, you need the services of tax attorneys. Tax attorneys are trained and experienced professionals who can help you deal with any issues that might arise during the course of your tax audit. They can represent you in meetings with auditors and in court if necessary.
There are a few differences between a tax professional and an enrolled agent. A certified public accountant is licensed by the Certified Public Accountant Board of Standards and members of the organization are allowed to practice independently. Tax lawyers cannot practice independently. Certified public accountants can represent a tax professional in court and they may also be referred to as CPAs (Certified Public Accountants).
Tax lawyers report federal and state taxes and will help clients choose the correct tax bracket to file for. Certified public accountants can only advise on state taxes. CPAs, on the other hand, can advise clients on federal tax. Certified tax lawyers report all federal and state taxes and help people understand their tax obligations.
When a tax lawyer represents a client, he is called a tax attorney. He provides legal advice to his clients on tax laws and on how to file for tax relief. Clients may need help with setting up an IRA or with managing a payroll tax deferred until the client obtains disability benefits. He might provide valuable information on estate planning and retirement accounts. Clients may have to repay taxes or assets that are under tax liens.
Tax law firms must meet certain regulatory requirements and comply with certain state codes. Students pursuing a career in tax lawyers may obtain a four-year degree from an accredited law school or online. Many law firms require associates degrees or professional licenses. In order to obtain these licenses, students must pass a test and attend a board certification course.