Tax Lien Lawyers in Waynesboro
In Waynesboro, Georgia, a "lien" is a security interest placed on a piece of property, usually land or a house, to secure the payment of a debt. It generally 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 established for the particular purpose of collecting taxes from a delinquent tax payer in Waynesboro, Georgia.
Tax liens in Waynesboro, Georgia are ineffective if the taxpayer doesn't have any property to place the lien on. However, practically 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 Waynesboro, Georgia
In Waynesboro, 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 usually 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 Waynesboro, Georgia, and elsewhere. Generally, 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 Waynesboro, Georgia Tax Lien Lawyer Help?
If the federal government, or the government of Georgia informs you that they intend to place a tax lien on your property, you will likely face some pretty perplexing and daunting legal issues.
Therefore, if you think that any piece of property you own might become subject to a tax lien in Waynesboro, Georgia, you should not delay to seek the advice of a competent tax attorney immediately.