Corporate Tax Lawyer Salary | An In-Depth Statistical Guide
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Whether the lawyers are at their initial stage of career or professional, they make a handsome living by and large. According to the recent statistics, they are earning up to $127,000 as their median salary per year in the highest-earning states of America. Let’s dig deeper into corporate tax lawyer salary.
But what about the salaries of corporate tax lawyers. With the degree of online Master’s degree in Science and taxation and skills and professional expertise in tax, no doubt no one can stop you from entering this higher leading wage profession.
When you discover the actual amount of your earnings, it depends on your job description, location, and years of experience.
In this article, we will identify the salary of the corporate tax lawyer in the United States of America in detail.
What is Corporate Tax Law?
Corporate tax laws deal with taxation systems used for taxing incorporated entities, including businesses and not-for-profit-oriented charities. The corporation is not liable and responsible for paying taxes, but the liability instead passes through to the shareholders.
Who is a corporate tax lawyer?
A corporate tax lawyer is a person who makes sure that the commercial transactions are legal, as the individual advises corporations on their legal rights and duties. The process includes the involvement of advising corporate officers. The corporate tax attorney deals widely with the tax implementations of all the commercial transactions.
Moreover, they specialize in tax liabilities and tax policies at the state, federal and municipal levels, as their duty is at law firms or on a consultation basis.
Job description of a corporate lawyer
The corporate tax lawyer represents an organization dealing with local, State, and government taxing agencies. The tax lawyer is responsible for preparing legal documents and developing tax saving plans in addition to liabilities.
Being a corporate tax lawyer provides counsel on the effect of tax laws and the preparation of legal documents regarding tax activities. The requirement to become a corporate tax lawyer includes the degree of JD from an accredited law school.
The corporate lawyer works independently and can assume the team-leading role working in a group. He is a specialist in business matters and complex technical issues related to tax.
The main job and duties of a corporate lawyer include:
- Guide the clients and corporation on the basics of tax laws and explain in a way that is easy to understand.
- Recommend and advise the specific strategies that are helpful to clients and corporations on how to reduce their tax liabilities.
- Contribute and participate in the problem resolution in examples where the corporations and clients have unpaid taxes.
- Learn, review and research the new tax laws and regulations or laws passed at the state, local or federal level.
- Explain and interpret the tax laws to represent clients and corporations.
- Serve for corporations and in-house counsels.
- Prepare the tax files and legal documents.
These are a few roles and duties of corporate tax lawyers, but their actual job is to support and problem solve for corporate tax-related issues and cases.
Corporate Tax Lawyer Salary
The salary and payscales of corporate tax lawyers depend on two factors, their knowledge, and experience, as both have a substantial impact on the pay scale.
According to the pay scale, the average salary of a corporate tax lawyer in 2022 will be $113,229, as of the highest expectation.
The earnings of the corporate tax lawyers as much as they can. Mind-blowing salaries pulled by corporate American tax lawyers include A & T Watts earning $8,505,373, Johnson & Johnson’s, a former general counsel Russell Deyo, earning $8,975,035.
The other corporate tax lawyers include one of the top earners in the law field, Qualcomm’s Donald Rosenberg, whose salary is $9840184.
The corporate tax lawyer profession is worth it in terms of salary, as it is vital for your tax planning whether you are an individual or employed in any law firm. They assist their clients in making sure not to make any errors and mistakes while submitting their tax returns that may result in getting an audit from the IRS.
Median Salary
According to BLS, the average income of a corporate tax lawyer is $120,910 per year. There is a variation in the salaries of a corporate tax lawyer, as salaries in this field range are $58,220 to 208,000. Many factors may impact the earning outcome and potential, including the candidate’s experience in the field, earning potential, degree level, location, and certification.
According to the pay rule, the salary of a tax lawyer starts from $80,000 per year. As the lawyers develop their skills and gain experience, their earning potential may exceed six figures.
The table below shows the average wage of tax attorneys, but they may earn more as their career progresses.
| Experience | Salary |
| Entry-level 0-12 months | $ 80,000 |
| Early career 1 -4 years | $ 87,000 |
| Mid-career 5-9 years | $ 125.000 |
| Experienced level 10-19 years | $146,000 |
Salary by Degree
The candidate’s degree significantly impacts the salary and earning potential; however, having the degree does not guarantee an individual salary because the work experience and certification also have to play an essential role in this issue. The table gives the viewer insight into the average salary a candidate may get if they have a bachelor’s degree in finance in contrast to a master’s degree in finance.
Bachelor’s degree
Median salary: $73,000
Master’s degree
Median salary: $101,000
Joining the law field as a corporate tax officer or lawyer is a great and rewarding way to get work experience and enhance tax law knowledge. The individuals can use their professional skills as tax lawyers to pursue opportunities for career advancement.
The table given below shows the average salary of each.
| Potential next step | Salary |
| Attorneys/lawyers | $83,675 |
| Tax manager | $96,530 |
| Corporate counsel | $115,260 |
Top State for Corporate Tax Lawyer Salaries
According to the report of BLS, when it comes to the salary of the corporate tax lawyers, some of the top states include California, Columbia, New York, Massachusetts, and Connecticut. These states of America provide the highest pay scale salaries that average, thus making these states attractive for tax attorneys.
The table given below exposes the average annual salaries according to states.
| States | Annual mean wage |
| Columbia | $192,530 |
| New York | $167,110 |
| Massachusetts | $165,610 |
| Connecticut | $153,640 |
| California | 171,550 |
According to BLS reports, the top corporations for tax attorney salaries and subscription programming are motor vehicle manufacturing, oil and coal, and computer equipment manufacturing. These industries and corporations must collaborate with government rules, tax laws, and regulations, as this process needs lawyers’ expertise.
The table given below shows the average salary offered in each corporation.
| Industry | Annual mean salary |
| Cable and other subscription programming | $234,310 |
| Pipeline transportation of crude oil | $215,700 |
| Motor vehicle programming | $205,610 |
| Computer and peripheral manufacturing | $204,710 |
| Petroleum and coal products manufacturing | $200,830 |
The employees are working as corporate tax lawyers in their job title in Massachusetts, Boston earn a salary on average of 47.8% more than the national salary. The job titles also gain higher than average salaries in Houston, Texas, 19.1% more. The lowest salaries are in Florida, Tampa, Atlanta, Georgia, 27.9%, and Miami, Florida,10.7% less.
According to Investopedia, the top-paying salary cities are California, Sunnyvale, SanJose, Santa Clara, and SanRafael.
Frequently Asked Questions
How much can a communal tax attorney in the US make?
The typical national income for a communal tax attorney in the United States is $112.889 per year. The tax attorney depends on 55 salaries submitted to Glassdoor by the lawyers.
What is the maximum income of a communal excise lawyer in the US?
The highest salary of a corporate tax lawyer in the US is $210,494 per year.
What is the minimum wage of a communal tax attorney in the US?
The lowest salary of a corporate tax lawyer in the US is $58,060 per year.
Is it tough to get a job as a tax attorney?
Diving into a lawyer can be challenging and competitive, as a law degree does not guarantee employment. Students who want to get a job as tax attorneys should concentrate on their undergraduate studies in business, accounting, and math.
Do tax lawyers make a good salary?
The tax lawyers see consistent and robust earnings. According to Glassdoor, the average annual base income for corporate tax lawyers in the United States is $133,580. Working in a big company can drive your salary and earnings to a greater extent.
Conclusion
Based on the above facts and statistics, it is clear that the salary of corporate tax lawyers varies in different states of America depending on the state location, degree, and experience. The corporate lawyer’s office is a highly specialized occupation, and the unique expertise is essentially associated with it as rewarded in kind.
Suppose you are passionate about becoming a corporate tax lawyer. In that case, you should be eligible for the postgraduate program in tax law, and the aspirant has to complete an LLB degree or its relevant degree. Candidates who complete the 5-year course of long integrated law are also eligible for admission to the PG Diploma or LLM course in tax law.
I’m a driven and accomplished law graduate and post-graduate, passionate about sharing my legal expertise via my blog. I hold a Bachelor’s degree in Law from the University of London (UK) and a Master’s in Law from the University of Derby (UK). Both gave me the foundational knowledge and skills to excel in my chosen career path.
Throughout my academic journey, I have gained extensive knowledge in various fields of Law, including Corporate and Business Law in the USA, Criminal Law, International Law, US Copyright law, and most importantly, American Constitutional law.
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