Tax Lien Lawyers in Sharon Hill
In Sharon Hill, Pennsylvania, 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.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Sharon Hill, Pennsylvania tax authorities, to collect taxes that the property-owner has failed to pay.
However, a tax lien in Sharon Hill, Pennsylvania 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 Sharon Hill, Pennsylvania
The actual process of setting up a Sharon Hill, Pennsylvania 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.
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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Pennsylvania tax agency will have significant rights against the taxpayer's property.
Nonetheless, in Sharon Hill, Pennsylvania, 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 limited period of time.
How Can a Sharon Hill, Pennsylvania Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in Pennsylvania, you are going to have to wade through some substantial and perplexing legal issues.
Fortunately, Sharon Hill, Pennsylvania 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.