Tax Lien Lawyers in Moore
In Moore, Oklahoma, a "lien" is defined as a property right that's granted 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 secure the payment of back taxes. A tax lien in Moore, 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 Moore, 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. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.
Tax Lien Procedure in Moore, Oklahoma
In Moore, Oklahoma, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities determine that a taxpayer actually 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 required 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 rights in your property that any other lien holder would have.
However, in Moore, 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 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 Moore, Oklahoma Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of Oklahoma that a tax lien has been imposed on your property, some pretty complicated legal issues are necessarily involved.
Fortunately, Moore, 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.