Difference between a tax lawyer and an accountant
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Date: September 7th, 2007 11:17 AM Author: boyish gaping
What's the difference? Why go through three extra years of schooling to come out doing what you could have done with an accounting degree and a CPA? Honest question.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610538) |
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Date: September 7th, 2007 11:59 AM Author: boyish gaping
Can you be more specific? How is the quality of tax work much higher? And when is the quality of tax work ever high?
I always hear people throw around terms like "quality of work" is more challenging or higher or what not, but nobody ever explains to me why certain legal work is of a higher quality than other legal work.
Are you saying that accountants don't do any type of planning and all they do is crunch numbers?!? Why does it seem like the tax shelters and stuff are usually devised by the accounting firms?
Better pay is a given... what about career opportunities? What do tax lawyers do after they burn out in biglaw? jump to the big 4?
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610654) |
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Date: September 7th, 2007 1:24 PM Author: aphrodisiac sinister mediation feces
tax accounting = compliance
tax law = trying to think up new ways to avoid taxes
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610818) |
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Date: September 7th, 2007 1:40 PM Author: indigo wonderful toaster
Edit: I see. misread the post.
Best tax firm for what type of tax?
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610891) |
Date: September 7th, 2007 1:18 PM Author: vivacious lilac trump supporter Subject: How are the Career Opportunities Better with a JD?
Accounting is in demand right now whereas we churn out a surplus of JDs each year.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610803) |
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Date: September 7th, 2007 1:27 PM Author: aphrodisiac sinister mediation feces
no, all the typical caveats apply as when talking about big law firms.
as for accountants, you have to go to a decent school and have pretty good grades to get an offer with a big 4
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610826) |
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Date: September 7th, 2007 2:15 PM Author: aphrodisiac sinister mediation feces
My uncle was a partner at a big 4, in audit. The atmosphere is work all the time, get drunk once in a while, see you family on occasion, and divorce your wife every 5 or 7 years. Many partners are on their third wives.
similar to a big law firm I'd imagine, except you have the up or out stuff coming at you every few years instead of just once. It's impossible to make partner, and it takes a minimum of 12 years. Maybe 1 person out of 50 makes manager, and 1 manager out of 5 makes partner. of course, the money is less at every level than a big law firm, including at partner, where the take home is around 600k now or something
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611034) |
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Date: September 7th, 2007 2:40 PM Author: vivacious lilac trump supporter Subject: That sucks, I'm considering becoming an accountant...
because:
1) It doesn't seem as prestige obsessed as law, and I would have a better chance of ending up at a top accounting firm than at a top law firm.
2) I want to ultimately become an entrepreneur and accounting will probably be more useful.
3) There seems to be more job security in accounting (for someone like me who doesn't stand a chance at a t10 law school). Oh yeah, the opportunities to work abroad seem far easier and broader in accounting than law.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611130) |
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Date: September 7th, 2007 2:49 PM Author: aphrodisiac sinister mediation feces
I dont think it's a horrible profession or anything, but it's not as cozy as law. Even if you dont make a top firm, if you do well at a decent local school you'll probably be making more than you would as an accountant.
most people do not last 3 years at a big 4. in tax there is a lot less travel but you don't build the network outside the firm that you do in audit or consulting. Auditors are constantly on the road and do the most trivial shit often. They are literally the people who go out to random distribution sites and open random boxes just to see if merchandise is really there.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611151) |
Date: September 7th, 2007 1:21 PM Author: cobalt step-uncle's house
Tax lawyers are guys who are good with numbers but didn't have enough personality to be an accountant.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610810) |
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Date: September 7th, 2007 1:29 PM Author: Citrine Brunch
personality is enough to make up for the boring ass nature of accountancy? maybe so.
Most of the tax lawyers i have met love their jobs. They constitute the small % of lawyers I have met who genuinely recommend their field to others. Tax law also provides an in/out door between the public policy/gov't industry, and private law firms and accountant firms.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610839) |
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Date: September 7th, 2007 1:45 PM Author: Supple senate corn cake
PWC pays about 95 to new LLMs, guess what Latham pays?
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610919)
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Date: September 7th, 2007 1:54 PM Author: aphrodisiac sinister mediation feces
thats new york. you guys are just too close to investment banks. the rest of the country is expanding, especially amlaw 100-200
as for the smallest area in biglaw, tax is larger than trusts and estates
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610962) |
Date: September 7th, 2007 1:22 PM Author: aphrodisiac sinister mediation feces
it's only 2 extra years since the CPA requires 5 years of schooling
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610812) |
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Date: September 7th, 2007 1:37 PM Author: cordovan temple
no one ansewered the op's original question
Heres an example of the difference
lets say you are working with the estate tax. An accoutant will crunch all the numbers, do the balance sheets, etc. A tax lawyer will fight about whether a certain thing should be included in the gross estate or not (and all the nitpicking arguments about if you derived a benefit from the item in question, etc,etc)
Also, as for big 4 accounting firms doing tax shelters, thats because big 4 firms employ tax lawyers. In fact, the 2nd best rated tax law practice in nyc is deloitte (this first best is a v10 biglaw firm). These big 4 speiciality groups dont pay as much a biglaw but they do pay 6 figures. Also from what i hear, its not a rigid pay scale like a biglaw firm, you can negotiate at your interview for more money or fuck up and get less money. Ive also heard they are less grade focused then biglaw.
That 6 figure quote is for an LLM holder. If you go to an accoutning firm as a tax lawyer with just a jd, the range is like 60-80 (from what i have heard). However, they usually do pay for your LLM down the line, so that may be worth something.
XO's lack of knowledge on this stuff is sad
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610874) |
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Date: September 7th, 2007 1:46 PM Author: cordovan temple
most tax lawyers do eventually go back and get an llm (whether they do it to get a job after graudating with no job and a bunch of tax classes or the firm they work for sends them back)
You learn a lot more in llm tax classes then you do in jd classes. A lot of the basic jd tax classes dont go into depth like an llm.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610922)
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Date: September 7th, 2007 2:03 PM Author: cordovan temple
most people i talk to about it say you really want the llm if you want to do tax law, you just learn so much more.
I wasnt aware of the biglaw tax partner thing, you sure about that?
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610984) |
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Date: September 7th, 2007 2:07 PM Author: aphrodisiac sinister mediation feces
just go to skadden.com and bring up a list of partners in tax. other big firms are similar. people with good JDs dont get the tax llm that often.
it's definitely not a requirement or anything. anyway most of those tax courses you'd take during an llm are taught by adjunct faculty who work at a big firm. if you worked there, they'd just teach you the stuff themselves
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610989) |
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Date: September 7th, 2007 2:09 PM Author: Supple senate corn cake
If you're paying for your LLM you shoudl killself.
If your firm wants you to get an LLM, they'll tell you, and pay for it.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610996) |
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Date: September 7th, 2007 2:13 PM Author: cordovan temple
if you're paying for a llm to get you a much better job then its really not stupid at al
also whats your problem with eb practice? you dont know much about it if you didnt know that its 95% tax.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611013) |
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Date: September 7th, 2007 2:24 PM Author: cordovan temple
the ones like you who have no idea what they're talking about right? Yeah, we would be wayyyyy better of listening to you be like oh my god im a ridiculous nerd, i dont have any idea about taxlaw, lolllz, wgwag, ttt, stfu, etc etc
freakin nerds.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611073) |
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Date: September 7th, 2007 2:20 PM Author: cordovan temple
nope, you are not.
xo's got a real problem with morons like you ruining threads, you know? You dont know anything about anything on the subject, and you just shoot off your fool mouth.
Go learn what EB means and what big4 speciality groups actually do. Maybe try wiki. Maybe try wiki's sister site, wiki for fucking morons. I dont know. Then come back.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611058) |
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Date: September 7th, 2007 2:22 PM Author: cordovan temple
How did you find the tax courses at the school? Not like comparative tax policy, but you know, international, biz org tax. Since im assuming you had the same professors that llm people would.
the problem with bad tax professors is that you just cant learn it from them, you have to go to the hornbooks, did you find with yours class was enough?
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611069) |
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Date: September 7th, 2007 2:27 PM Author: aphrodisiac sinister mediation feces
I dont practice tax. the classes I took were related to my particular area of corporate that I wanted to go into.
the classes were not bad. adjuncts tend to lecture more I think but other than that there isn't a lot of generalizing that can be done. oh and they are easy graders.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611085) |
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Date: September 7th, 2007 1:42 PM Author: cordovan temple
Oh yeah, and while we're on the subejct. The tax court thing
That poster was totally right, non lawyers can represent people in tax court. An accountant need only fill out a form and take a test. Some say this was enacted for the benefit of the big 4's (So their people could go to tax court)
However, though a non jd can represent a party in tax court, its not a good idea. First off, no duty of confidientialy or non disclosure for the accountant, which is a really big deal if you want to quasi illegally shelter your illegal income. Second, most accountants wont do as well a job (not all though, i know a guy who works for the irs, accounting degree, been there for like 20 years. He knows more tax law (by far) then me or my law school friends.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610896)
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Date: September 7th, 2007 1:42 PM Author: Supple senate corn cake
"do pay 6 figures"
starting big4 salaries are around 95, IF you have an LLM. NO ONE would choose big4 over biglaw. You're a Big4 troll. Sorry you couldn't get a $250k biglaw job.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610897) |
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Date: September 7th, 2007 2:01 PM Author: cordovan temple
actually dont have either job yet. Int and M&a tax groups start at 110. Are you right about picking biglaw over big4? maybe, i dunno. And i would probably take biglaw money and run given the chance, sure
But we're not talking about that here, we're talking about big4.
Also, some practices at big4 arent really done at biglaw. Alot of international tax (which really, is the coolest stuff to do) is mainly done in big4 groups. Biglaw does a lot of erisa/employee benefits tax and estate and gift tax work. A lot of tax planning for their wealthy clients who come there for something else first.
So yeah, biglaw pays more, and its probably the best choice (because of that great pay) but if you can take 110k to do something you like and want a career in or 160k to do whaever tax work is thrown to you, then the decision can be harder.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610977) |
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Date: September 7th, 2007 2:13 PM Author: Supple senate corn cake
"Alot of international tax (which really, is the coolest stuff to do) is mainly done in big4 groups."
Wow you're a TTT idiot. Just killself you stupid moron.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611014) |
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Date: September 7th, 2007 2:15 PM Author: cordovan temple
you're the same idiot who has no iea what eb is. You're also an idiot for not knowing ny big4 is doing most of the tax shelter work.
(tax shelters involve countries outside this one, so that makes them international, I wasnt sure if you got that, you know, with being a fucking moron and all)
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611032) |
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Date: September 7th, 2007 2:22 PM Author: Supple senate corn cake
STFU you TTT LLM, paying for it yourself, piece of shit.
Get out of here and let the people who know talk.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611066) |
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Date: September 7th, 2007 2:26 PM Author: Supple senate corn cake
*watches you write a check to your school's bursars, laughs*
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611081)
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Date: September 7th, 2007 2:51 PM Author: cordovan temple
no ones asking you to care. i just dont like idiots who have no idea what they're talking about (like you) butting into to my threads.
if you want attention so badly maybe you should make one of those wgwag threads. That or suicide, eithers good.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8611156) |
Date: September 7th, 2007 1:43 PM Author: razzle brilliant base travel guidebook
I've asked a tax atty about this before. The #1 difference (for this guy, at least) is that attorneys have attorney-client privilege, accountants do not. For a wealthy person going through a divorce, an attorney is much more useful than an accountant.
(http://www.autoadmit.com/thread.php?thread_id=682850&forum_id=2#8610903) |
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