What Is a Masters in Taxation Degree?

You may already be aware that a master’s degree in the field of accounting can enhance your job opportunities and salary potential, according to the United States Bureau of Labor Statistics (BLS). Even if you have already decided that graduate school is the right choice for your career path, you might not yet have decided what kind of master’s degree to pursue. There are a few good options, such as the traditional Masters in Accounting degree and the ever-popular Master of Business Administration (MBA) degree with a concentration in accounting. Another possibility to consider is the Masters in Taxation degree. This degree focuses more narrowly on taxes than other graduate degree programs in accounting and is an excellent choice for candidates who want to work primarily in tax preparation or find employment with the Internal Revenue Service (IRS).

Differences between MACC and MTAX Degrees

The Masters in Accounting (MAcc or MACC) degree, a traditional choice for accountants, covers a wide array of advanced techniques for accounting. For accountants who want to specialize in handling taxes, though, a Masters in Taxation (MTax or MTAX) degree may be a better choice. These programs offer graduate-level studies of tax and business principles and tax laws. A graduate from a Masters in Taxation program is well-prepared to counsel clients – individuals, corporations and nonprofit organizations – regarding their federal, state and local taxes. Masters in Taxation degrees may be called Masters of Science in Taxation or Masters of Accountancy in Taxation degrees.

What Accountants Do with an MTAX Degree

Graduates of Masters in Accounting degree programs often go on to become certified public accountants (CPAs), financial planners and even chief financial officers (CFOs) of businesses. Preparing tax returns and other tax documents may be a substantial portion of what graduates of MTAX degree programs do, but they also understand the subtleties of tax laws and practices thoroughly enough to help their clients strategically plan for their taxes.

The Masters in Taxation Curriculum

In MTAX degree programs, students study a wide range of taxation types, such as income tax at the federal and state level, real estate taxes, corporation tax, bankruptcy taxation and partnership taxation. They will also study tax-exempt organizations, which is essential knowledge for accountants working with nonprofit organizations, and estate planning. Some MTAX programs may focus heavily on the Internal Revenue Code (IRC), the federal tax code of the United States and the auditing practices and procedures of the IRS.

If you have an interest in taxes, then the Masters in Taxation degree program could be the perfect choice for advancing your academic career and your future accounting career. Through this program, you can learn the intricacies of tax laws and get to know every imaginable type of taxation that your clients could need help understanding. In addition to expanding your knowledge and skills in handling taxation matters, this degree program can also help you complete the required hours of study to take the CPA examination.

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