Tax Liens in De Queen, Arkansas

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In De Queen, Arkansas, a "lien" is a security interest placed on a piece of property, normally land or a house, to secure the payment of a debt. It typically 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 proceeds 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 De Queen, Arkansas tax authorities, to compile taxes that the property-owner has failed to pay.

Of course, a tax lien in De Queen, 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. However, a tax lien applies to property that the taxpayer obtains even after the lien is created. Evidently, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in De Queen, Arkansas

The process of imposing a tax lien on property in De Queen, Arkansas is normally fairly simple. The first step is for the IRS or local tax agency to determine that a person really 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 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 Arkansas take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.

However, if the federal government does not seek to enforce a tax lien in De Queen, 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 ensure that property is not encumbered by a lien forever.

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How Can a De Queen, Arkansas Tax Lien Lawyer Help?

If the federal government, or the government of Arkansas 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 De Queen, Arkansas 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.

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