In a world where financial irregularities seem to be almost a routine part of doing business, the number of jobs available in accounting law is decidedly on the increase. Lawyers who focus specifically on accounting, typically work in several different capacities, right alongside the forensic accountants who devote their careers to finding irregularities and uncovering exactly why they came to exist in the first place. Attorneys who are considering a specialty in accounting law might want to consider the mot common uses and venues for this unique, and increasingly in-demand, set of skills.
Tax Law: Defending or Prosecuting Those with State or Federal Tax Issues
Accounting lawyers almost always have dual experience, and often dual degrees, in accounting and the legal profession. This means they’re actually very well qualified to represent or prosecute those who engage in tax fraud or dodge paying their taxes altogether. Those who choose to prosecute this specific crime will almost always find themselves in the employment of the Internal Revenue Service. They’ll work with a team of legal services professionals and forensic accountants, largely to uncover how taxes were dodged, which loopholes the filer targeted, and how long the problem had been going on prior to its discovery. Their cases will land most often in federal court, and they’ll make a name for themselves in government circles.
On the opposite end of this scenario, accounting lawyers can defend tax filers and corporations who have been accused of tax dodging or other issues by the IRS. Many times, tax problems arise from simple mistakes or erroneous itemization. Their defense is a valuable way to keep innocent taxpayers out of federal courts and free of potential prison terms for accidental efforts to deprive the government of crucial revenues.
Corporate Services for Major Businesses and Accounting Departments
Accounting lawyers a major part of any corporation, and they often work within the broader accounting department to make sure that all financial disclosures and reports fall within state and federal regulations. Accounting lawyers may also be required to help defend the company if it is accused of accounting irregularities, deliberately defrauding investors and other stakeholders, or engaging in other nefarious practices with dire legal implications. Accounting lawyers will spend much of the time focusing on compliance issues, new regulations, implementations of new state and federal statutes, and advisory meetings with executives as well, to ensure the company steers clear of questionable legal waters before it finds itself in legal trouble.
Accounting Analysis and Advisory for Small Business and Non-profits
Another way to use the combined legal and accounting skills required of this growing profession is to serve as something of a consultant to numerous nonprofits and smaller businesses. With the combined background obtained by most professionals in this industry, they’re actually a perfect resource for businesses that want to make sure their practices and new hires are well within GAAP guidelines, federal laws, state statutes, and regulations enforced by other state and federal agencies.
Related Resource: Non-profit Accounting
Accounting Law is as Versatile as It Is In-Demand
Jobs in accounting law continue to grow in number, because the regulations and ethical concerns associated with accounting continue to grow. According to the American Bar Association, those professionals with a dual interest or dual experience in accounting and the legal professional will find that there are plenty of jobs available in accounting law for public sector, private sector, and nonprofit work.