The American tax code is overwhelming. While there is much disagreement over how many pages it spans, everyone agrees it runs into the thousands. How can a person know precisely what is there so they don’t get into trouble with the IRS?
Many people turn to a tax attorney for help in deciphering the code. Individuals with an llm in taxation help ensure they pay their taxes without overpaying. However, some in the legal profession question the value of this degree. Some people refer to an LLM as lawyers losing money because these degrees rarely provide better outcomes. The exception to this is the tax LLM.
Why is the Tax LLM Valuable?
The tax LLM benefits attorneys because tax laws affect all other areas of law. They constantly change, leaving people confused about how they apply. Tax lawyers will remain in high demand for these reasons. A person who pursues this degree will always have work. Some law firms require their tax attorneys to hold this degree.
Nevertheless, LLM degrees vary. All programs cover the same material. However, some programs are better than others and can lead to a lucrative paycheck. The inferior programs will leave a person saddled with additional law school debt and very little to show for it. What should a person know before pursuing this degree?
Making an Informed Decision
Before applying to an LLM degree program, one must determine whether they enjoy tax law. The complexity of the subject matter enthralls some who like coming up with creative solutions to challenging problems. Others cannot stand being forced to crunch numbers and despise tax law work. Most degree programs require students to take one or more tax courses at the J.D. level before applying for the LLM program. Doing so will help them decide how they feel about the subject.
In addition, tax attorneys typically focus on one or two areas of tax law. Three specialty areas are business planning, tax-exempt work, and executive compensation. Students should know what they want to do and who they might work for before applying for a degree program.
Individuals with this degree have many job options in the tax field. They may work at a federal or state tax agency or find employment in the private sector with a corporate tax department or regional accounting firm. Tax firms often hire these individuals, or the student might apply for a clerkship at a U.S. Tax Court.
The LLM degree does not replace the Juris Doctor degree. Most employers require the student to obtain both degrees to secure a job. Furthermore, they look at which law school the individual attended, so select a reputable school to get the most from this degree. While this may not seem fair since all programs cover the same material, it’s just how the industry works.
Getting an LLM degree is a good investment for many people. However, some individuals will find it a waste of money, particularly if they do not like tax law. Every person should consider all options to find those that will help advance their career while allowing them to earn more money. A law degree is costly, so mistakes cannot be made. People who consider the above when making this decision will find they make the right choice regarding whether an LLM meets their needs and will help advance their careers.
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