Tax Lien Lawyers in Boone County

In Boone County, Kentucky, a "lien" is a type of property right, which is created by a court to acquire payment of a lawful debt. Generally, a valid lien gives its holder the right to seize the property subject to it, or at least some of the property's equity, to satisfy the debt. If the owner sells a piece of property that's subject to a lien, the creditor who owns the lien may be entitled to the proceeds, up to the amount you owe them. It can also put them "first in line" compared to other creditors, if the debtor files for bankruptcy.

A "tax lien," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a citizen or corporation in Boone County, Kentucky.

Tax Liens in Boone County, Kentucky are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's important to note that basically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Boone County, Kentucky

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

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has decided that they owe back taxes, and that they have a short period of time (usually 10 days) to pay them without incurring a penalty.

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

Nonetheless, if the federal government does not seek to enforce a tax lien in Boone County, Kentucky 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 Boone County, Kentucky Tax Lien Lawyer Help?

If you are notified by the government that you owe back taxes in Kentucky, and that they are going to pursue a tax lien to collect their money, things can get very perplexing, very quickly.

Luckily for you, tax lawyers in Boone County, Kentucky 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.