Tax Lien Lawyers in Buhl

In Buhl, Idaho, a "lien" is a security interest placed on a piece of property, typically land or a house, to secure the payment of a debt. It usually 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 proceeds 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 appointed for the specific purpose of collecting taxes from a delinquent tax payer in Buhl, Idaho.

However, a tax lien in Buhl, Idaho will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.

Tax Lien Procedure in Buhl, Idaho

Imposing a tax lien in Buhl, Idaho is normally an uncomplicated process. Usually, the tax authorities simply have to make a determination that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.

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 that time period expires, and the debtor still hasn't paid, the Idaho tax lien will go into effect automatically, with no further action required.

However, if the federal government does not seek to enforce a tax lien in Buhl, Idaho 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 ensure that property is not encumbered by a lien forever.

How Can a Buhl, Idaho Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in Idaho, you are going to have to wade through some substantial and confusing legal concerns.

Accordingly, it's important that you contact a tax attorney in Buhl, Idaho to ensure that whatever legal rights you have in this situation are protected. Your attorney will also be able to advise you on how to best deal with the situation.