Tax Lien Lawyers in Weatherford

In Weatherford, 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 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 acquire the payment of back taxes. A tax lien in Weatherford, 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 Weatherford, 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 Weatherford, Oklahoma

Imposing a tax lien in Weatherford, Oklahoma is usually an uncomplicated process. Typically, the tax authorities simply have to make a decision 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 obligated 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.

Nonetheless, in Weatherford, 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 certain period of time.

How Can a Weatherford, 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 difficult, extremely quickly.

Fortunately for you, tax lawyers in Weatherford, 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.