MS Taxation or MS Accounting?

I think if you're going to go into law and you're interested in accounting also, you might as well go into tax law. So, get the MS Tax degree. As for not qualifying to take the CPA exam, you can just take some classes at a community college to satisfy your units to sit for the CPA exam.

There is a big confusion between MS in Accounting vs MS in Taxation.

MS in Accounting is a typical 1 (or 1.5 to 3 yr - depends on undergrad major) year program for 5th year undergrad accounting majors (or other business majors with adequate business core classes on their transcript) in order to satisfy 150-hr CPA examination requirement in various states. (I believe - starting in Aug 2009 - all states in US require this as NY is one of last 2 states to adopt this practice)

MS in Accounting can be pursued by just about anyone. However, if one majored in liberal arts as undergrad, many schools recommend these individuals to pursue MBA in Accounting instead.

MS in Taxation is for current practitioners or undergrad acounting majors mostly. (Yes, they do advertise that they also welcome liberal arts UG majors with zero accounting exp, but this requires an individual to take 10 to 20 extra credits in addition to core Taxation curriculum. Generally, it's not worth it. Probably a J.D. or LLM in Taxation is a better path) Many MS in Taxation programs are for current CPAs in need of additional expertise in this area or undergrad accounting majors interested in this field. (There are exceptions....but this requires one to pursue basic accounting core curriculum before they can even begin MS in Taxation) Therefore, many programs of this nature does not count toward 150 hr CPA REQUIREMENT!!!!!
(Some schools do offer MS in Taxation that satisfies this requirement but they are very few in number + it requires additional accounting courses on top of MS in Taxation curriculum)

If you are interested in pursuing CPA certification, make sure you pursue MS in Accounting degree.