Tax Lien Lawyers in Boulder City
A "lien" in Boulder City, Nevada 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 several 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 likely that the lien holder will collect something.
In Boulder City, Nevada, a "tax lien" is simply a lien imposed by the government to collect back taxes from a person or corporation, when other methods for collecting have failed.
Tax liens in Boulder City, Nevada are ineffective if the taxpayer doesn't have any property to place the lien on. However, essentially any property, including that which the taxpayer obtains after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Boulder City, Nevada
The process of imposing a tax lien on property in Boulder City, Nevada is usually fairly simple. The first step is for the IRS or local tax agency to determine that a person actually owes back taxes, and that it is worth the effort to impose a lien.
Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has determined 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 Nevada tax agency will have significant rights against the taxpayer's property.
However, in Boulder City, Nevada, 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 substantial 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 Boulder City, Nevada Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of Nevada that a tax lien has been imposed on your property, some pretty complicated legal issues are necessarily involved.
Fortunately, Boulder City, Nevada 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.