Are you wondering whether your attorney can also give you tax advice? There are more than 650,000 licensed CPAs and 1.3 million attorneys in the United States alone.
While these two professions are distinct in their purpose and services they provide to clients, there are times where what they do overlaps. By understanding when this situation exists, you will have a better idea of what to expect from your professional.
Read on to learn about when your attorney is also able to give you tax advice too!
Becoming An Attorney
Being an attorney takes a lot of dedication and hard work, but it doesn’t mean you can provide tax advice to others. When a lawyer that wants to provide tax advice online will have a hard time staying in compliance with the professional rules of conduct.
Generally speaking, an attorney cannot provide tax advice to you. Even if they are practicing in business litigation or corporate law. Sometimes, your lawyer will have the qualifications necessary to give you the highest quality of tax and legal services.
The Importance of An LLM in Taxation
It’s not unusual for an attorney to attend an extra year of law school. Although law school is usually three years, an attorney will go another year so that he or she can earn an LLM.
You should think of an LLM as a master’s degree for an attorney. An LLM in Taxation gives an attorney educational and professional insight into changes in tax laws.
An attorney with this degree of education will have expertise in the area of tax law. They can use this to help you understand the tax consequences of decisions you make in your life and business.
When Tax Advice Will Benefit You
Receiving tax advice from your attorney will benefit you in many different ways. This is true whether you are making decisions about your life or considering how to start a business of your own.
For example, when you are establishing a business, there are important tax consequences based on your decision. There will be many different business entity options in your state.
A tax attorney can go over the pros and cons of each option. This will help you to understand how your choices will impact the tax liability of your business. Your lawyer can also talk with you about ways to avoid a large tax bill at the end of the year.
Get The Best Tax Advice Today
Whether you join free tax advice online chat or speak with a tax attorney, you want the best advice for your situation. By spending time considering your options and tax liability under the law, you will be in a great place to make the best decision for you and your company.
Are you interested in learning about other important ways the law impacts your life? Check out our blog section for posts about the latest legal developments where you live!