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TaxGuy · 10-31-2007, 02:17 PM

What kind of law is most relevant for a CPA/most profitable? I assumed tax law or estate/trust law. Can a person who practices as a lawyer also prepare tax returns. If so, what would be the positives and negatives of both. I am a young CPA who is entertaining the thought of entering law school and starting my own practice one day. Any help would be much appreciated!!!!!!!! Thank you.

taxguru · 10-31-2007, 02:17 PM

Tax law is the most appropriate. I used to work for PriceWaterhouseCoopers in the tax department. All of their new hires were lawyers.... They would all start out preparing tax returns.

I now have my own tax practice in Southern Cal. I'm a CPA, but my 50% partner in my practice is a lawyer. In addition to tax preparation, we do a lot of litigation work. It really helps having the legal background when it comes to taxes.

alien · 10-31-2007, 02:17 PM

Hello future potential lawyer.

I am right now a 2nd year JD/MBA student and I will try to answer your questions as much as I can.

Of course a lawyer can prepare tax returns!! As long as you pass your bar exam of your respective state and have your CPA license. However, I don't think you will be doing much tax preparation. Your expertise will be more better suited in corporate tax law advice to your company, and that is what will be most profitable for you.

As for the classes that are relevant, I think the following:

Contracts (Mandatory)
Tax Law
Will and Trusts
Property (Mandatory)
Corporations
Federal Taxation
Employment Law

These are off the top of my head, I am sure there is a lot more in the world of nefarious taxes!

Positives - You are a lawyer! People look up to you for advice. What's more, you have a CPA. They will look up to you even more for technical taxation help. In the long run your credentials will carry you far.

Negatives - You are a lawyer! Welcome to hard work and the 1L year. The short term is gonna suck especially with the student loans you may or may not need.

As a lawyer, you will be able to see the limitations on tax planning. As a CPA you can see the holes in tax planning, and vice versa. As a lawyer you see the abstract theory in the law of taxation as well as various social policies influencing taxation law. As a CPA you know how practical (or NOT!) those laws can be in practice. Those degrees complement each other.

Good luck!

10-31-2007, 02:17 PM	#1
TaxGuy Greenhorn Join Date: Jul 2006 Posts: 20 Rep Power: 6	To lawyers who also practice as CPA's and vice versa:? What kind of law is most relevant for a CPA/most profitable? I assumed tax law or estate/trust law. Can a person who practices as a lawyer also prepare tax returns. If so, what would be the positives and negatives of both. <br /><br />I am a young CPA who is entertaining the thought of entering law school and starting my own practice one day. <br /><br />Any help would be much appreciated!!!!!!!! Thank you.<br />

10-31-2007, 02:17 PM	#2
taxguru Greenhorn Join Date: Jul 2006 Posts: 29 Rep Power: 6	To lawyers who also practice as CPA's and vice versa:? Tax law is the most appropriate. I used to work for PriceWaterhouseCoopers in the tax department. All of their new hires were lawyers.... They would all start out preparing tax returns. I now have my own tax practice in Southern Cal. I'm a CPA, but my 50% partner in my practice is a lawyer. In addition to tax preparation, we do a lot of litigation work. It really helps having the legal background when it comes to taxes.

10-31-2007, 02:17 PM	#3
alien Piggy Bank Join Date: Jul 2006 Posts: 63 Rep Power: 6	To lawyers who also practice as CPA's and vice versa:? Hello future potential lawyer. I am right now a 2nd year JD/MBA student and I will try to answer your questions as much as I can. Of course a lawyer can prepare tax returns!! As long as you pass your bar exam of your respective state and have your CPA license. However, I don't think you will be doing much tax preparation. Your expertise will be more better suited in corporate tax law advice to your company, and that is what will be most profitable for you. As for the classes that are relevant, I think the following: Contracts (Mandatory) Tax Law Will and Trusts Property (Mandatory) Corporations Federal Taxation Employment Law These are off the top of my head, I am sure there is a lot more in the world of nefarious taxes! Positives - You are a lawyer! People look up to you for advice. What's more, you have a CPA. They will look up to you even more for technical taxation help. In the long run your credentials will carry you far. Negatives - You are a lawyer! Welcome to hard work and the 1L year. The short term is gonna suck especially with the student loans you may or may not need. As a lawyer, you will be able to see the limitations on tax planning. As a CPA you can see the holes in tax planning, and vice versa. As a lawyer you see the abstract theory in the law of taxation as well as various social policies influencing taxation law. As a CPA you know how practical (or NOT!) those laws can be in practice. Those degrees complement each other. Good luck!

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