Tax Lien Lawyers in Morrisville
A "lien" in Morrisville, 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 Morrisville, North Carolina tax authorities, to collect taxes that the property-owner has failed to pay.
Tax Liens in Morrisville, North Carolina are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's necessary 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 Morrisville, North Carolina
Imposing a tax lien in Morrisville, North Carolina is typically an uncomplicated process. Generally, 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 certain period of time (usually 10 days) to pay what they owe.
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 North Carolina tax agency, giving them all the rights in your property that the law allows.
Nonetheless, in Morrisville, 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 limited period of time.
How Can a Morrisville, 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 perplexing, very quickly.
Luckily for you, tax lawyers in Morrisville, North Carolina 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.