Tax Liens in Clarksville, Arkansas

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In Clarksville, Arkansas, a "lien" is a security interest placed on a piece of property, usually land or a house, to secure the payment of a debt. It generally gives a creditor the right to take ownership of any equity that exists in the property, to secure the payment of the debt. If the owner sells the property, the creditor may also be entitled to the funds of the sale, up to the amount owed. It can also give the holder of the lien a higher priority status, giving them an advantage over competing creditors, if the debtor files bankruptcy.

As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Clarksville, Arkansas tax authorities, to collect taxes that the property-owner has failed to pay.

Of course, a tax lien in Clarksville, Arkansas isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Obviously, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in Clarksville, Arkansas

The process of imposing a tax lien on property in Clarksville, Arkansas is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually owes back taxes, and that it is worth the effort to impose a lien.

At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.

If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Arkansas tax agency will have significant rights against the taxpayer's property.

Nonetheless, if the federal government does not seek to enforce a tax lien in Clarksville, Arkansas 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 guarantee that property is not encumbered by a lien forever.

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How Can a Clarksville, Arkansas Tax Lien Lawyer Help?

If you find yourself on the receiving end of a tax lien in Arkansas, you are going to have to wade through some substantial and perplexing legal issues.

Fortunately, Clarksville, Arkansas tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek competent legal advice, to ensure that your legal rights are protected.

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