The Pros and Cons of Being a Corporate Tax Attorney
Have you ever considered a career in corporate taxation? Then this article is perfect for you. In the next paragraphs, you will find out more about what it is like to be a corporate tax attorney, its advantages, and the disadvantages of such a career.
What are Corporate Tax Attorneys?
A corporate tax attorney is a person who makes sure that a company’s commercial transactions take place legally. The corporate tax lawyer advises the company on matters such as their legal rights and their duties. They also offer advice on matters related to tax law, accounting, contract, and securities law, property rights, trusts, bankruptcies, litigations, real estate, benefits plans, licensing, and the list can go on.
As a corporate tax attorney, you represent your client in front of local and federal state taxing authorities or in front of other businesses or individuals under the Internal Revenue Service audit. Your presence and your work are of utmost importance to a corporation, so the benefits are high if financial remuneration is what you seek.
On the other hand, your responsibilities are just as high with some of your duties, including negotiating, structuring, advising, and documenting business processes and entities, to mention only a few.
The Good Side of a Corporate Tax Attorney’s Career
As a corporate tax attorney, you get to meet and to work with many people throughout your career. At any given time, you might find yourself working with members of groups, including finance, real estate, corporate, accountants, auditors, governmental lawyers, tax counselors, and so on. Oral and written communication skills are a must.
With the laws and markets always changing and evolving, there’s always something new to discover and to learn. If you are curious, if you like to keep challenging yourself and find new information, this job is right for you.
The area of expertise is vast, and you can choose to specialize in one or more fields of taxing. Critical and analytical thinking skills should not be missing for an easier transition between these fields.
The Bad Side of a Corporate Tax Attorney’s Career
Just like with every career, there are good sides to it as well as bad sides. Suppose you wish to succeed as a corporate tax attorney. In that case, you should show incredible math and accounting skills, a high understanding and knowledge of the vast branches of corporate tax, capacity to keep track, and adapt to the latest changes in market trends and tax laws. Failure to show these attributes will not get you far in this field. Expect your client to ask you questions outside of your expertise area, prepare to spend time researching future changes in the market, expect never to stop studying, and always work to prove your worth in this field.
Finally, being a corporate tax attorney is a challenging yet rewarding career for those who are resilient, hardworking, and curious. If you find yourself among these characteristics, then this job is perfect for you.