Tax Lien Lawyers in Caddo Parish

In Caddo Parish, Louisiana, a "lien" is a type of property right, which is created by a court to acquire payment of a lawful debt. Generally, a valid lien gives its holder the right to seize the property subject to it, or at least some of the property's equity, to satisfy the debt. If the owner sells a piece of property that's subject to a lien, the creditor who owns the lien may be entitled to the proceeds, up to the amount you owe them. It can also put them "first in line" compared to other creditors, if the debtor files for bankruptcy.

A "tax lien," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a citizen or corporation in Caddo Parish, Louisiana.

However, like any other debt-collection method, a tax lien is worthless if the debtor has no significant property on which a lien can be imposed. To get around this limitation, most tax liens in Caddo Parish, Louisiana apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to specific pieces of property, or property that the debtor owned at the time the lien went into effect.

Tax Lien Procedure in Caddo Parish, Louisiana

In Caddo Parish, Louisiana, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a decision that a person is delinquent in their tax requirement.

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has decided that they owe back taxes, and that they have a short period of time (usually 10 days) to pay them without incurring a penalty.

If the back taxes are not paid before the deadline is up, the lien will usually take effect immediately, with no further action by the IRS or Louisiana tax agency, giving them all the rights in your property that the law allows.

Nonetheless, in Caddo Parish, Louisiana, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the considerable rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a limited period of time.

How Can a Caddo Parish, Louisiana Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Louisiana, and that they are going to pursue a tax lien to collect their money, things can get very perplexing, very quickly.

Luckily for you, tax lawyers in Caddo Parish, Louisiana are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.