Resources for the LLM in Tax and MT
For tax professionals, research is an ongoing process, informed by changing tax laws and new legal applications. Whether you’re a student in a Master of Laws in Taxation (LLM) or Master of Taxation (MT) program, or you’re already an established professional, you’ll likely rely on several resources to do your work. Below are five that tax students and professionals use regularly.
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One of the premier academic and professional databases, LexisNexis can be an invaluable resource for both tax professionals and students. This service gathers important legal information, tax-related news and public records from a nearly limitless amount of sources. Instead of scouring local resources for business records or searching several news sources for the most recent tax updates and applications, LexisNexis allows you to conduct extensive research by using one authoritative resource.
Internal Revenue Service Bulletins
Federal tax procedures change often, and keeping on top of the detailed nuances can be challenging. The Internal Revenue Service (IRS) posts bulletins in a single place, so you never have to worry that you’ve missed an update to an obscure code or neglected to read a new ruling. These bulletins can be lengthy, but each issue begins with a list of highlights, including tax types, codes and brief summaries to make a quick scan relatively easy.
Internal Revenue Service State Guides
If you’re working with state taxes, you know that laws and policies can vary across borders. Instead of keeping 51 different bookmarks to keep track of the various tax laws in each state and federal district, the IRS makes all state tax guides available in a single place. Bookmark this single site, and you can easily reference applicable laws, no matter where your work takes you.
American Institute of Certified Public Accountants
If you opt to become a Certified Public Accountant (CPA), you may find membership in the American Institute of CPAs (AICPA) to be beneficial from both a collegiate and a resource perspective. This organization provides guidance to CPAs, along with a helpful tax resource library that features everything from basic tax toolkits to annual tax compliance kits. In addition to providing comprehensive resources, the AICPA offers a tax power hour, which helps CPAs increase productivity and efficiency.
National Society of Accountants
As a professional organization, the National Society of Accountants (NSA) welcomes both accountants and tax practitioners working in several fields. In addition to providing networking, advocacy and educational opportunities, the NSA also offers research assistance and other valuable tools. The NSA Resource Library, for example, offers templates and forms that make tax planning and client communication easier. The NSA Tax Help Desk provides members with research assistance for up to five questions per year, a helpful resource for difficult tax issues.
Whether you’ve already established your career or you’re still working toward your master’s degree, you’ll want to refer to these helpful resources. Although tax laws and policies can change quickly, these resources make staying informed easier.