Tax Lien Lawyers in Cushing
In Cushing, Oklahoma, a "lien" is specified as a property right that's authorized to a creditor against a piece of property owned by a debtor, for the purpose of collecting on the debt if the debtor is unwilling or unable to pay. A lien permits its owner to exercise some control over the property that is the subject of the lien. This includes the right to force a sale of the property, and to seize the resulting revenue, and priority access to the property ahead of other creditors.
A "tax lien" is simply a lien placed on a piece of property by the state or local government, to acquire the payment of back taxes. A tax lien in Cushing, Oklahoma can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in Cushing, Oklahoma are ineffective if the taxpayer doesn't have any property to place the lien on. However, basically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Cushing, Oklahoma
The actual process of setting up a Cushing, Oklahoma tax lien is typically pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, typically by finding that the debtor owes a significant amount of back taxes.
Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are obligated to pay their taxes within 10 days.
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 Oklahoma tax agency will have substantial rights against the taxpayer's property.
Nonetheless, in Cushing, Oklahoma, 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 narrow period of time.
How Can a Cushing, Oklahoma Tax Lien Lawyer Help?
If the federal government, or the government of Oklahoma informs you that they intend to place a tax lien on your property, you will likely face some pretty confusing and daunting legal issues.
Thankfully for you, tax lawyers in Cushing, Oklahoma 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.