Tax Liens in Little Rock, Arkansas

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In Little Rock, 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 Little Rock, Arkansas tax authorities, to compile taxes that the property-owner has failed to pay.

Of course, a tax lien in Little Rock, 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 Little Rock, Arkansas

The actual process of setting up a Little Rock, Arkansas 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.

At this point, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands immediate payment. It will normally give the taxpayer about 10 days to pay the demanded amount.

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

But, these rights are limited. In Little Rock, Arkansas, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Second, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By ensuring that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce indefinitely.

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How Can a Little Rock, Arkansas Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of Arkansas that a tax lien has been imposed on your property, some pretty complex legal issues are necessarily involved.

Accordingly, it's important that you retain a tax attorney in Little Rock, Arkansas to ensure that whatever legal rights you have in this situation are protected. Your attorney will also be able to advise you on how to best deal with the situation.

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Life in Little Rock

Little Rock is the largest city in the State of Arkansas by any measurement. The City of Little Rock is the most important center of government in Arkansas and acts as the state capital and seat of Pulaski County Government. Today, Little Rock is home to over 700,000 residents who live in the city's 36 diverse neighborhoods.

There are a lot of outstanding museums in Little Rock like the Arkansas Arts Center, William J. Clinton Presidential Center, MacArthur Museum of Arkansas Military History, and the hands-on Arkansas Museum of Discovery to name a few. Little Rock's Arkansas Arboretum is one of the most outstanding examples of native and exotic plans around. The Arkansas Art Center offers a museum school in addition to attractions like Van Gogh and Rembrandt pieces. The global hunger, poverty, and relief organization Heifer International operate their world headquarters from Little Rock.

Some prominent corporations and companies like Dillard's Department Stores, Windstream Communications, Acxiom, Rose Law Firm, and Metropolitan National Bank have headquarters in Little Rock. A number of hospital and renown research facilities make home in town. The largest of those include Blue Cross and Blue Shield, Baptist Health Medical Center, University of Arkansas for Medical Sciences (UAMS), and the Arkansas Children's Hospital. Other businesses that have major installations in Little Rock are L'Oreal Paris, Timex, Entergy, Raytheon, Siemens, Kroger, Dassault Falcon Jet, and AT&T Mobility.

I suppose it wasn't too shocking for residents when the Brookings Institution ranked Little Rock as the 7th best economy in the United States. It was second best in growth. Don't think rapid expansion has taken a negative toll on Little Rock. It's as gorgeous as ever and even was awarded the title of 2nd cleanest city in America by Forbes Magazine.

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