Tax Lien Lawyers in Wake
In Wake, 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 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 simply a lien that is created for the specific purpose of collecting taxes from a delinquent tax payer in Wake, Texas.
However, a tax lien in Wake, Texas will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.
Tax Lien Procedure in Wake, Texas
In Wake, Texas, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a determination that a person is delinquent in their tax obligation.
At this point, they will send the taxpayer a written notice stating that they owe a some amount of money in back taxes, and that they have a small window of time (commonly 10 days or less) to pay it.
If the deadline passes without payment, most tax liens in Texas take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in Wake, Texas, and elsewhere. Typically, 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 Wake, Texas Tax Lien Lawyer Help?
If the federal government, or the government of Texas informs you that they intend to place a tax lien on your property, you will likely face some pretty convoluted and daunting legal issues.
Fortunately for you, tax lawyers in Wake, 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.