Tax Lien Lawyers in Warr Acres
In Warr Acres, 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 authorizes 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 Warr Acres, 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 Warr Acres, 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 Warr Acres, Oklahoma
Imposing a tax lien in Warr Acres, Oklahoma is usually an uncomplicated process. Typically, the tax authorities simply have to make a determination that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.
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 back taxes are not paid before the deadline is up, the lien will normally take effect immediately, with no further action by the IRS or Oklahoma tax agency, giving them all the rights in your property that the law authorizes.
But, under federal law, there are limits to how tax liens can be enforced in Warr Acres, Oklahoma, and elsewhere. Typically, 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 Warr Acres, 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 complex legal issues are necessarily involved.
Accordingly, it's important that you retain a tax attorney in Warr Acres, Oklahoma to ensure that whatever legal rights you have in this situation are protected. Your attorney will also be able to advise you on how to best deal with the situation.