Tax Lien Lawyers in Fort Gibson
In Fort Gibson, 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 allows 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 Fort Gibson, Oklahoma can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in Fort Gibson, Oklahoma are ineffective if the taxpayer doesn't have any property to place the lien on. However, practically 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 Fort Gibson, Oklahoma
The actual process of setting up a Fort Gibson, Oklahoma tax lien is usually pretty simple. The agency responsible for collecting taxes must first decide that a tax lien is warranted, usually by finding that the debtor owes a significant amount of back taxes.
At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands quick payment. It will usually give the taxpayer about 10 days to pay the demanded amount.
If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in Oklahoma have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.
But, these rights are limited. In Fort Gibson, Oklahoma, 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." Additionally, 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 Fort Gibson, Oklahoma Tax Lien Lawyer Help?
If you are notified by the government that you owe back taxes in Oklahoma, and that they are going to pursue a tax lien to collect their money, things can get very perplexing, very quickly.
Fortunately, Fort Gibson, Oklahoma 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.