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Accounting. Audit and Tax
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Subject Topic: Tax Attorney vs Tax Accountant (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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kj_nyc
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Posted: 19 Feb 2010 at 09:42 | IP Logged  

allegro-cpa, I would say the dearth of entry level accounting jobs today is partly a function of the bad economy as well as the fact that a lot of people quit public accounting after a few years, and therefore experienced people are hard to find.

Also, ever since the wall street collapse, more people are trying to get into accounting because it is seen as being more stable despite not being lucrative.

Back on the topic of tax attorney and law school, if you are interested in tax and law but can't afford to go to law school, consider taking the Tax Court exam to get admitted to practice in Tax Court.  This would allow you to represent your clients in court as lawyers can, but without the time and expense of going to law school.  The tax court exam is supposed to be really tough, but it's still much cheaper and less time-consuming than going to law school and taking the bar exam.

This is the route I'm trying to take.  Law would have been my first choice but there's no way I can afford law school.  Email me if you want more info or want to study with me.

Also check out this link for another discussion of the topic:
http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=27369



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REG - Aug 2009 - 99
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License applied for Nov 2009, received Jan 2010
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allegro-cpa
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Posted: 19 Feb 2010 at 11:27 | IP Logged  

kj_nyc wrote:

allegro-cpa, I would say the dearth of entry level accounting jobs today is partly a function of the bad economy as well as the fact that a lot of people quit public accounting after a few years, and therefore experienced people are hard to find.

Also, ever since the wall street collapse, more people are trying to get into accounting because it is seen as being more stable despite not being lucrative.

Back on the topic of tax attorney and law school, if you are interested in tax and law but can't afford to go to law school, consider taking the Tax Court exam to get admitted to practice in Tax Court.  This would allow you to represent your clients in court as lawyers can, but without the time and expense of going to law school.  The tax court exam is supposed to be really tough, but it's still much cheaper and less time-consuming than going to law school and taking the bar exam.

This is the route I'm trying to take.  Law would have been my first choice but there's no way I can afford law school.  Email me if you want more info or want to study with me.

Also check out this link for another discussion of the topic:
http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=27369



Great, Thanks KJnyc, I will look at this as well and appreciate your input.  If I ever get a tax job, I want it to be related to these subjects/specialties:

Pass-Through Entities
Unrelated Business Taxable Income
Offshore Entity Tax Liability Prevention for L.P.'s and LLC's
International and Domestic

How these firms prevent tax and connecting all of the many many tax forms together with all of the pass-through form strategies based on the type of business.

Not sure if your familiar with this or anyone else.  They are just interesting subjects to me.
 
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kj_nyc
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Posted: 19 Feb 2010 at 18:26 | IP Logged  

Pass-through entities covers partnerships and S corps and is very broad, covering companies of all kinds of sizes, in all kinds of industries, and all types of compliance and planning work.  I have been spending the bulk of my time for the past few years in this area (partnerships and S corps).  Depending on the work and the client, the work can be interesting and pleasant or extremely boring and frustrating. 

UBTI - nonprofit tax is a lot of work often under strict budgets.  Especially after the IRS revised the 990 in 2008 into a much longer form requiring more disclosures.  There can be good opportunities if you have the biggest nonprofits as clients, but the work won't be at all lucrative with the smaller nonprofits.  I've done only a few nonprofits here and there, more often on the side volunteering my time for organizations I was already involved in.

The international tax arena gets more into the research and planning work that I find to be more interesting.  I have not done much international tax work so far, but recently I have been getting sporadic opportunities to do so.  Will see how things go.  From what I've heard, the Big 4 have had almost a monopoly on international tax work, but now some smaller companies such as my employer are starting to venture into this area to serve the smaller clients who can't afford to pay Big 4 prices and don't need such extensive work.



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KJ, CPA licensed in New York
AUD - May 2009 - 99
FAR - July 2009 - 99
REG - Aug 2009 - 99
BEC - Oct 2009 - 93
License applied for Nov 2009, received Jan 2010
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QuantJockMN
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Posted: 20 Feb 2010 at 00:07 | IP Logged  

Fantastic posts KJ_NYC. 

I see your certificate finally arrived :-).

I'll keep this tax court option in mind, since a JD is so expensive.  I've been looking at the JD/MBA, but it seems like way too much time/money for the future potential benefit. 


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Sec704b
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Posted: 20 Feb 2010 at 17:16 | IP Logged  

JD/MBA is worthless.  Lawyers will only look at your lawschool grades. Corps will not want to hire you because your JD does not make you fit the mold of a finance person (unless you went to a JD that is attached to an M7 bschool.
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