Tax Lien Lawyers in Siler City
A "lien" in Siler 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 Siler City, North Carolina tax authorities, to compile taxes that the property-owner has failed to pay.
Tax Liens in Siler 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 essential 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 Siler City, North Carolina
Imposing a tax lien in Siler 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.
At this point, they will send the taxpayer a written notice stating that they owe a some amount of money in back taxes, and that they have a small window of time (commonly 10 days or less) to pay it.
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.
But, these rights are limited. In Siler City, 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 Siler 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, it's important that you retain a tax attorney in Siler City, North Carolina to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.