Tax Lien Lawyers in Miami
In Miami, 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 Miami, Oklahoma can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
However, a tax lien in Miami, Oklahoma will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.
Tax Lien Procedure in Miami, Oklahoma
In Miami, Oklahoma, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer truly owes taxes that they haven't paid (that they're delinquent in their 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 the deadline passes without payment, most tax liens in Oklahoma take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in Miami, Oklahoma, and elsewhere. Usually, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Miami, 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.
Therefore, it's important that you contact a tax attorney in Miami, Oklahoma 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.