Tax Lien Lawyers in Sawmills

A "lien" in Sawmills, 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 Sawmills, North Carolina tax authorities, to gather taxes that the property-owner has failed to pay.

Tax Liens in Sawmills, North Carolina are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's crucial 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 Sawmills, North Carolina

Imposing a tax lien in Sawmills, North Carolina 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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this results, the IRS or North Carolina tax agency will have substantial rights against the taxpayer's property.

But, these rights are limited. In Sawmills, North Carolina, 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 Sawmills, North Carolina Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in North Carolina, you will probably have to deal with some fairly challenging legal issues, which might be complicated to a layperson.

Luckily, Sawmills, North Carolina tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.