Tax Lien Lawyers in Elyria
A "lien" in Elyria, Ohio 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.
A tax lien, then, is simply a lien that is formed for the particular purpose of collecting taxes from a delinquent tax payer in Elyria, Ohio.
Of course, a tax lien in Elyria, Ohio isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Obviously, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Elyria, Ohio
In Elyria, Ohio, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a decision that a person is delinquent in their tax requirement.
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 Ohio tax agency, giving them all the rights in your property that the law allows.
Nonetheless, in Elyria, Ohio, 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 Elyria, Ohio Tax Lien Lawyer Help?
If you are notified by the government that you owe back taxes in Ohio, 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 Elyria, Ohio 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.