A Masters of Taxation degree usually prepares people to use their knowledge of federal, state and local tax laws to work in the accounting or tax department of a large corporation. However, professionals who hold a tax masters degree may also be employed by small companies, be self-employed or use their knowledge to be better informed as a shareholder.
A person with a Masters of Taxation is called upon to make decisions regarding gift taxes, estate taxes and income taxes for the beneficiaries of these arrangements. As tax laws continue to grow in complexity, Masters of Taxation specialists are needed to keep up with the demand for highly trained individuals to interpret tax law.
Program Designations for Students Seeking a Tax Masters Degree
When students study to receive a Masters of Taxation designation, it is usually within the realm of an accounting program major or as part of a Masters in Business Administration (MBA) degree. Occasionally, it is offered as a separate program by some law schools and is then referred to as a Graduate Tax Program. The Masters of Taxation degree itself is known as Master of Science (M.S. or M. Sc.) or strictly as a Master of Taxation or M. Tax.
What Students Can Expect to Learn in a Tax Masters Degree Program
College degree programs aim to teach students how to resolve a wide range of tax issues by researching the solution among income tax records, case law and statutes which pertain to the issue. Typical coursework includes the following: the history and present status of personal income taxes; how to perform tax research; taxes at the corporate level; taxes related to partnership organizations; planning in regards to trusts and estates and their related tax issues; tax as it relates to international clients; and new tax laws that are added each year and must be learned by professionals.
Typical Job Functions of a Person Holding a Masters of Taxation
After students receive their tax masters degree, there are a number of job opportunities available to them. The first one that may come to mind is work as a tax preparer, where the Masters of Taxation specialist helps both individuals and corporations prepare and file their income tax returns. For people wishing to advance beyond the level of a tax preparer, there is the opportunity to work as an enrolled tax agent. In addition to having a tax masters degree, those who desire this designation must take and pass an exam given by the Internal Revenue Service (IRS).
A Certified Public Accountant (CPA) is another area that is popular for Masters of Taxation degree holders. These individuals may open their own practices or work in the accounting or tax department of a wide variety of business structures. Depending on the organization they are employed by, a CPA has the opportunity to pursue management level career opportunities.
Where to Enroll in a Tax Masters Degree Program
Most states have colleges where students can choose to earn a Masters of Taxation degree. If the student prefers classroom learning, it is simply a matter of doing an Internet search for tax masters degree programs in their state. There are also a number of online schools, such as Kaplan University and Strayer University, where the degree is completed from home.