Tax Lien Lawyers in Box Elder
In Box Elder, South Dakota, 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 Box Elder, South Dakota.
Tax Liens in Box Elder, 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 crucial 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 Box Elder, South Dakota
Imposing a tax lien in Box Elder, South Dakota is typically an uncomplicated process. Generally, 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.
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.
However, in Box Elder, South Dakota, 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 substantial 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 Box Elder, South Dakota Tax Lien Lawyer Help?
If you find yourself on the receiving end of a tax lien in South Dakota, you are going to have to wade through some substantial and complex legal issues.
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 good tax lawyer in Box Elder, South Dakota as soon as you can.