Tax Lien Lawyers in Ladue
A "lien" in Ladue, Missouri is a property right that a person or entity has in property owned by someone else, created by law, for the purpose of enforcing a debt. A lien gives its holder numerous rights in the property of another person, including the right to seize the proceeds of a sale of the property, and, if the debtor files for bankruptcy, the right to go to the front of the line among other creditors, making it more possible that the lien holder will collect something.
A "tax lien" is simply a lien placed on a piece of property by the state or local government, to acquire the payment of back taxes. A tax lien in Ladue, Missouri can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in Ladue, Missouri 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 Ladue, Missouri
Imposing a tax lien in Ladue, Missouri is usually an uncomplicated process. Typically, the tax authorities simply have to make a decision that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.
Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are obligated to pay their taxes within 10 days.
If the back taxes are not paid before the deadline is up, the lien will normally take effect immediately, with no further action by the IRS or Missouri tax agency, giving them all the rights in your property that the law authorizes.
Nonetheless, in Ladue, Missouri, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the considerable rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a certain period of time.
How Can a Ladue, Missouri Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in Missouri, you are going to have to wade through some substantial and intricate legal contentions.
Therefore, if you think that any piece of property you own might become subject to a tax lien in Ladue, Missouri, you should not delay to seek the advice of a qualified tax attorney immediately.