Tax Lien Lawyers in Sevierville
In Sevierville, Tennessee, 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 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," 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 Sevierville, Tennessee.
Tax liens in Sevierville, Tennessee are ineffective if the taxpayer doesn't have any property to place the lien on. However, essentially any property, including that which the taxpayer obtains after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Sevierville, Tennessee
The actual process of setting up a Sevierville, Tennessee tax lien is normally pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, normally 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 required 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 Tennessee tax agency, giving them all the rights in your property that the law authorizes.
However, in Sevierville, Tennessee, 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 certain period of time.
How Can a Sevierville, Tennessee Tax Lien Lawyer Help?
If you are notified by the government that you owe back taxes in Tennessee, and that they are going to pursue a tax lien to collect their money, things can get very convoluted, extremely quickly.
Thankfully, Sevierville, Tennessee tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek qualified legal advice, to ensure that your legal rights are protected.