Tax Lien Lawyers in Gering

A "lien" in Gering, Nebraska is a property right that a person or entity has in property owned by someone else, created by law, for the purpose of enforcing a debt. A lien gives its holder various rights in the property of another person, including the right to seize the proceeds of a sale of the property, and, if the debtor files for bankruptcy, the right to go to the front of the line among other creditors, making it more possible that the lien holder will collect something.

As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Gering, Nebraska tax authorities, to gather taxes that the property-owner has failed to pay.

Of course, a tax lien in Gering, Nebraska isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Apparently, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Gering, Nebraska

The actual process of setting up a Gering, Nebraska tax lien is typically pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, typically by finding that the debtor owes a significant amount of back taxes.

They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a given period of time (typically 10 days) to pay what they owe.

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

Nonetheless, in Gering, Nebraska, 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 narrow period of time.

How Can a Gering, Nebraska Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of Nebraska that a tax lien has been imposed on your property, some pretty intricate legal issues are necessarily involved.

Thankfully for you, tax lawyers in Gering, Nebraska 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.