Tax Lien Lawyers in Lewisville
In Lewisville, Texas, 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 permits 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 simply a lien that is appointed for the specific purpose of collecting taxes from a delinquent tax payer in Lewisville, Texas.
Tax Liens in Lewisville, Texas are usually 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 Lewisville, Texas
Imposing a tax lien in Lewisville, Texas is normally an uncomplicated process. Usually, 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 given period of time (typically 10 days) to pay what they owe.
If the back taxes are not paid before the deadline is up, the lien will typically take effect immediately, with no further action by the IRS or Texas tax agency, giving them all the rights in your property that the law permits.
However, if the federal government does not seek to enforce a tax lien in Lewisville, Texas within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and ensure that property is not encumbered by a lien forever.
How Can a Lewisville, Texas Tax Lien Lawyer Help?
If you are notified by the government that you owe back taxes in Texas, and that they are going to pursue a tax lien to collect their money, things can get very intricate, quite quickly.
Thankfully for you, tax lawyers in Lewisville, Texas 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.