Tax Lien Lawyers in Odessa
A "lien" in Odessa, 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 Odessa, Missouri can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in Odessa, 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 Odessa, Missouri
Imposing a tax lien in Odessa, Missouri is normally an uncomplicated process. Usually, 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.
At this point, they will send the taxpayer a written notice stating that they owe a particular amount of money in back taxes, and that they have a small window of time (frequently 10 days or less) to pay it.
If the back taxes are not paid before the deadline is up, the lien will typically 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 permits.
But, these rights are limited. In Odessa, Missouri, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Also, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.
How Can a Odessa, Missouri Tax Lien Lawyer Help?
If you are notified by the government that you owe back taxes in Missouri, and that they are going to pursue a tax lien to collect their money, things can get very confusing, quite quickly.
Therefore, if you think that any piece of property you own might become subject to a tax lien in Odessa, Missouri, you should not delay to seek the advice of a skilled tax attorney immediately.