Tax Liens in Beverly Hills, California
In Beverly Hills, California, 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 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 Beverly Hills, California tax authorities, to compile taxes that the property-owner has failed to pay.
However, like any other debt-collection method, a tax lien is worthless if the debtor has no considerable property on which a lien can be imposed. To get around this limitation, most tax liens in Beverly Hills, California apply to after-acquired property (property acquired after the lien was created). Most other liens only apply to certain pieces of property, or property that the debtor owned at the time the lien went into effect.
Tax Lien Procedure in Beverly Hills, California
Imposing a tax lien in Beverly Hills, California is usually an uncomplicated process. Typically, the tax authorities simply have to make a decision that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.
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 quick payment. It will normally give the taxpayer about 10 days to pay the demanded amount.
If that time period expires, and the debtor still hasn't paid, the California tax lien will go into effect automatically, with no additional action required.
But, these rights are limited. In Beverly Hills, California, 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." Also, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.
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How Can a Beverly Hills, California Tax Lien Lawyer Help?
If the federal government, or the government of California informs you that they intend to place a tax lien on your property, you will likely face some pretty difficult and daunting legal issues.
Therefore, it's important that you retain a tax attorney in Beverly Hills, California to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.
Tax Lien Attorneys in the Largest CA Cities
Life in Beverly HillsBeverly Hills, California is located in Los Angeles County and is one of the most affluent cities in the country. The city is famous for being a trendsetter for fashion, beautiful homes, and high-end living. Many celebrities and movie stars live in Beverly Hills. Along with Bel Air and Holmby Hills, it forms part of the "Platinum Triangle" of wealthy L.A. neighborhoods.
The area of Beverly Hills, California is home to a number of Fortune 500 companies, including Platinum Equity and John Paul Mitchell Systems. In addition to major corporate businesses, the economy of Beverly Hills is supported by an abundance of high-end fashion retailers. In particular, Rodeo Drive is a world-famous shopping district filled with cutting-edge fashion boutiques and designer label stores. It is estimated that the operating budget of Beverly Hills, California exceeds $300 million, which is comparable to the Gross National Product for the entire British Virgin Islands.
Beverly Hills is frequently featured in movies and television shows. A few familiar examples include the hit television series Beverly Hills, 90210 and the Beverly Hills Cop movies. Other attractions include the Beverly Hills Hotel (referenced in the Eagles' song "Hotel California"), Walden Drive, and Beverly Gardens Park.
Lawyers in Beverly Hills, California perform legal services to meet the unique needs of the city's residents. Many Beverly Hills lawyers file lawsuits at the West District branch of the Los Angeles Superior Court, located within the city. Attorneys in Beverly Hills represent clients in both general and specific areas of law.