Tax Lien Lawyers in Sandy Springs
In Sandy Springs, Georgia, a "lien" is a security interest placed on a piece of property, normally land or a house, to secure the payment of a debt. It typically gives a creditor the right to take ownership of any equity that exists in the property, to secure the payment of the debt. If the owner sells the property, the creditor may also be entitled to the funds of the sale, up to the amount owed. It can also give the holder of the lien a higher priority status, giving them an advantage over competing creditors, if the debtor files bankruptcy.
In Sandy Springs, Georgia, a "tax lien" is simply a lien imposed by the government to compile back taxes from a citizen or corporation, when other methods for collecting have failed.
However, like any other debt-collection method, a tax lien is worthless if the debtor has no considerable property on which a lien can be imposed. To get around this limitation, most tax liens in Sandy Springs, Georgia apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to certain pieces of property, or property that the debtor owned at the time the lien went into effect.
Tax Lien Procedure in Sandy Springs, Georgia
The process of imposing a tax lien on property in Sandy Springs, Georgia is normally fairly simple. The initial step is for the IRS or local tax agency to decide that a person really owes back taxes, and that it is worth the effort to impose a lien.
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 specific period of time (normally 10 days) to pay what they owe.
If that time period expires, and the debtor still hasn't paid, the Georgia tax lien will go into effect automatically, with no additional action required.
Nonetheless, if the federal government does not seek to enforce a tax lien in Sandy Springs, Georgia within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and guarantee that property is not encumbered by a lien forever.
How Can a Sandy Springs, Georgia Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in Georgia, you are going to have to wade through some substantial and intricate legal contentions.
Therefore, it's important that you retain a tax attorney in Sandy Springs, Georgia to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.