Tax Lien Lawyers in Waycross
In Waycross, 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.
A tax lien, then, is simply a lien that is formed for the particular purpose of collecting taxes from a delinquent tax payer in Waycross, Georgia.
Tax liens in Waycross, Georgia are ineffective if the taxpayer doesn't have any property to place the lien on. However, basically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Waycross, Georgia
In Waycross, Georgia, 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.
At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands quick payment. It will normally give the taxpayer about 10 days to pay the demanded amount.
If the deadline passes without payment, most tax liens in Georgia take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in Waycross, Georgia, and elsewhere. Typically, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Waycross, Georgia Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of Georgia that a tax lien has been imposed on your property, some pretty complex legal issues are necessarily involved.
Therefore, it's important that you retain a tax attorney in Waycross, 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.