Tax Lien Lawyers in Morehead City
A "lien" in Morehead City, North Carolina 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.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Morehead City, North Carolina tax authorities, to compile taxes that the property-owner has failed to pay.
Tax Liens in Morehead City, North Carolina are typically 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 Morehead City, North Carolina
Imposing a tax lien in Morehead City, North Carolina 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.
They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a specific period of time (normally 10 days) to pay what they owe.
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 North Carolina tax agency, giving them all the rights in your property that the law authorizes.
Nonetheless, in Morehead City, North Carolina, 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 Morehead City, North Carolina Tax Lien Lawyer Help?
If you are notified by the government that you owe back taxes in North Carolina, and that they are going to pursue a tax lien to collect their money, things can get very difficult, extremely quickly.
Therefore, if you think that any piece of property you own might become subject to a tax lien in Morehead City, North Carolina, you should not delay to seek the advice of a qualified tax attorney immediately.