Tax Lien Lawyers in Tega Cay
In Tega Cay, South Carolina, 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," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a person or corporation in Tega Cay, South Carolina.
Tax Liens in Tega Cay, South Carolina are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's important to note that essentially any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Tega Cay, South Carolina
In Tega Cay, South Carolina, 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).
At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
If the back taxes are not paid before the deadline is up, the lien will usually take effect immediately, with no further action by the IRS or South Carolina tax agency, giving them all the rights in your property that the law allows.
But, under federal law, there are limits to how tax liens can be enforced in Tega Cay, South Carolina, and elsewhere. Generally, 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 Tega Cay, South Carolina Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in South Carolina, you will probably have to deal with some fairly difficult legal issues, which might be complex to a layperson.
Luckily for you, tax lawyers in Tega Cay, South Carolina are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.