Tax Lien Lawyers in Fort Thomas
In Fort Thomas, 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 Fort Thomas, Kentucky.
Of course, a tax lien in Fort Thomas, Kentucky isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Obviously, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Fort Thomas, Kentucky
In Fort Thomas, Kentucky, 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, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
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 Fort Thomas, 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 Fort Thomas, Kentucky Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Kentucky, you will probably have to deal with some fairly difficult legal issues, which might be intricate to a layperson.
Luckily for you, tax lawyers in Fort Thomas, 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.