Tax Lien Lawyers in St Louis County
A "lien" in St Louis County, 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 St Louis County, Missouri can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in St Louis County, 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 St Louis County, Missouri
The actual process of setting up a St Louis County, Missouri 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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Missouri tax agency will have significant rights against the taxpayer's property.
Nonetheless, in St Louis County, 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 limited period of time.
How Can a St Louis County, Missouri Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of Missouri that a tax lien has been imposed on your property, some pretty complicated legal issues are necessarily involved.
Fortunately, St Louis County, Missouri tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek competent legal advice, to ensure that your legal rights are protected.