Tax Lien Lawyers in Belle Fourche

In Belle Fourche, South Dakota, 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.

A "tax lien," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a citizen or corporation in Belle Fourche, South Dakota.

Tax Liens in Belle Fourche, South Dakota are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's critical to note that practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Belle Fourche, South Dakota

Imposing a tax lien in Belle Fourche, South Dakota is typically an uncomplicated process. Generally, 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.

They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a certain period of time (usually 10 days) to pay what they owe.

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 Dakota tax agency, giving them all the rights in your property that the law allows.

But, these rights are limited. In Belle Fourche, South Dakota, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Additionally, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.

How Can a Belle Fourche, South Dakota Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in South Dakota, you will probably have to deal with some fairly difficult legal issues, which might be intricate to a layperson.

So, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to seek the advice of a reputable tax lawyer in Belle Fourche, South Dakota as soon as you can.