Tax lawyers in New York look into several areas of the law with regard to tax. So if you have legal issues as regards taxes, get yourself a tax lawyer.
Law is a very broad field of study. It comprises various branches, including tax law, which is studied by aspiring tax lawyers. A tax lawyer is a person or an attorney who specializes in the interpretation and implementation of tax laws and policies.
Meanwhile, tax law is an area of legal study in which public authorities like federal, state, and municipal governments use a body of rules and procedures to assess and collect taxes in a legal context.
You might even be wondering who the very best tax lawyer in New York City is. Allow me to clear your doubt by stating that it is Daniel M. Silvershein, who has a total of 25 years working experience!
Tax Lawyers in New York: Job Description
New York tax lawyers have a vast number of duties and services they offer. But basically, they guide taxpayers, which could be individuals or businesses, through legal matters related to taxes. Here are some of the duties they perform.
1. Legal Research
Tax lawyers in New York are expected to be up to date on the tax laws and policies since they change frequently. They must always conduct research and know these tax laws and policies.
2. Handling Tax Disputes
Tax lawyers help to handle disputes between their clients and the IRS office concerning tax obligations. Since they have a deep understanding of tax laws, they are qualified to go between their client and the IRS tax lawyer.
3. Drafting Documents
As a New York tax lawyer, you would be required to create and maintain many types of documents and files. These include but are not limited to tax forms, wills, court briefs, and employment-related agreements.
4. Representing Clients in Courts
Tax lawyers are obliged to stand in court to present or defend their client’s case. They are also allowed to advise their client in a courtroom setting, if necessary.
5. Advising Clients on Legal Matters
Clients seek advice concerning tax-related matters from tax lawyers. Tax lawyers also make their clients aware of the implications of actions such as:
- Estate transfers
- Business transactions
- Property acquisitions, and
- The different structures of businesses
These are handled specifically by business tax lawyers.
Skills required to become a tax lawyer
Becoming a tax lawyer in New York requires both academic skills and personal skills to work out effectively. Academic skills required to become a tax lawyer:
You must have a strong and in-depth understanding of federal, state, and municipal taxation laws. This knowledge is tested at the Bar Examination, which comes up after attending law school.
Legal research skills
Every tax lawyer needs to have strong research skills. This is relevant when gathering information and documents about a case.
It also includes the ability to operate legal databases like Bloomberg Law or LexisNexis.
Tax lawyers in NYC must have good knowledge and understanding of the principles and procedures of accounting and finance.
As a tax lawyer, you need to be skilled in IRS rules and procedures, as it will be useful in
- Challenging IRS rulings in Court
- Settling back taxes
- Halting wage garnishment
- Undoing Property Liens
- Removing account levies
- Negotiating compromises with the IRS
Personal skills required to become a tax lawyer
- Negotiation Skill
This skill is required as a lawyer because the job will require you to negotiate with the IRS and other agencies on behalf of your client.
- Communication Skills
Good communication skills in both speaking and writing are important for a tax lawyer. This is because, as a New York tax lawyer, you will be required to speak in court and write statements.
Also, you will need to simplify complex terms and procedures for your client.
- Critical thinking skills
You will need to think critically to analyze tax-related problems or questions and also find the best solutions for them.
- attention to details
Becoming a tax lawyer requires you to be able to pick up pieces of information and analyze them accurately. For example, tax lawyers pay close attention to tax code details and client data.
Terminologies Relating to Tax Lawyers
business tax lawyers.
These are business tax practitioners who have sound academic knowledge in the business and finance industries. Business tax lawyers provide comprehensive tax counsel to their clients, which could be individuals or companies.
Tax debt lawyers
These are lawyers who are called up when you, as a client, owe the government tax but you’re going through financial hardship. Tax-debt lawyers are those who negotiate with the government agencies on your behalf. Whether it’s to reduce the amount of tax you owe or to extend the time between payments,
tax fraud lawyers.
These tax lawyers are concerned with defending their clients who have been falsely accused of tax evasion or fraud.
Examples of tax fraud include but are not limited to:
- intentional refusal to pay one’s tax.
- deliberately providing wrong information on tax returns
- intentionally misrepresenting taxable income with the aim of paying less or nothing at all.
Tax Fraud Lawyers who are well-versed in these areas can effectively defend their accused clients in court.
corporate tax lawyers.
New York City corporate tax lawyers work primarily with business corporations. The corporate tax lawyers deal largely with the tax implications of all the commercial transactions.
Also, corporate tax lawyers also provide tax counsel for businesses and handle litigation on tax issues.
Corporate tax lawyers are known to have good knowledge of:
- Contract law
- Tax law
- Securities law
- Intellectual Property Rights
- Litigation techniques
- Corporate structure and reorganizations
estate tax lawyers.
These are one of New York’s finest sets of lawyers. They help to manage and pay off their clients’ estate or death taxes after they have passed away. However, estate tax lawyers may not be required in every client’s death situation. Why? This is because estate taxes are only to be paid by people whose estates are valued at more than $11.7 million.
Tax Relief Lawyers
New York tax relief lawyers can help you deal with the IRS and other state tax agencies. They understand the resolution options and procedures regarding various tax issues. These tax lawyers are also more than willing to ensure that you get the best arrangement for your situation.
Tax Audit Lawyers
These tax lawyers ensure that you do not face penalties for unfavorable audits that have been issued to you as a client or your business. If you work with a New York tax audit lawyer, your rights and those of your business will be protected. This is because they can potentially negotiate for your tax liabilities to be reduced and also advise you legally on what you should do.
IRS tax lawyers.
The New York IRS tax lawyer specializes in handling a wide range of legal issues concerning tax codes. These lawyers specialize in situations involving the IRS. Here are some of the activities carried out by an IRS tax lawyer in New York City:
- Researching cases
- Communicating with the IRS
- Negotiating a tax settlement
- Representing clients in court
- saving clients money
All these are subdivisions of tax lawyers, but they still carry out similar functions.
Salary of Tax Lawyers in New York
The salary of a New York tax lawyer depends on your experience and your position. Below are some of the positions in the tax law firm and the salary they earn annually.
|1. Tax Manager||$134,021|
|2. Tax on Senior||$112,406|
|3. Senior Tax Manager||$160,069|
|5. Senior Tax Consultant||$125,836|
Steps to Becoming a New York Tax Lawyer
1. Earn a Bachelor’s Degree:
After obtaining your high school diploma, you will need to enroll in an accredited college to begin your four-year undergraduate study.
It is always more useful for you to major in pre-law courses or related courses, like
- Legal Search and Advanced Professional Studies
so that upon your graduation, you will receive a bachelor’s or first degree in one of these pre-law courses.
2. Attend an accredited law school:
Upon completing your undergraduate studies, prepare adequately to take the Law School Admission Test (LSAT). During your time in law school, you will need to pursue a Juris Doctor (JD) or Master of Law (LLM) degree to establish a career in tax law.
3. Build Your Tax Specialization:
Apart from pursuing a Juris Doctor (JD) or Master of Law (LLM) degree, you can choose to offer any other generalist law degree. For example, you can pursue a Master of Science in Taxation degree or a state-based board certification as a tax law specialist.
4. Pass the New York State Bar Examination:
Here, your knowledge of legal matters and proceedings will be thoroughly tested. So, you must prepare adequately for this examination. Passing the Bar Examination will give you the licensure you need as a tax lawyer to actually practice.
5. Establish your career:
Once you hold a license to practice tax law, you can start applying to private or public law firms in New York.
Summarily, becoming a practicing tax lawyer in New York is very beneficial, both to the clients and to the lawyers or attorneys. And I would highly recommend every individual or business corporation in New York to get a tax lawyer.
Frequently Asked Questions
How much do tax lawyers make in NYC?
What does a tax lawyer earn in New York? The average annual salary for a tax lawyer in New York is $99,339 as of September 26, 2022.
What is the job description of a tax attorney?
What exactly is a tax attorney? Tax attorneys assist clients in navigating and complying with the complicated system of tax rules, as well as legally taking advantage of the numerous deductions, credits, and exemptions. In addition, they represent customers on tax issues. Private practice tax attorneys assist both individuals and companies.
Do tax lawyers need to know math?
Is it necessary to be a mathematician to work as a tax lawyer? Many tax attorneys have academic or professional accounting credentials.