Tax Liens in Buena Park, California
In Buena Park, California, a "lien" is a security interest placed on a piece of property, typically land or a house, to secure the payment of a debt. It usually 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.
A "tax lien," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a citizen or corporation in Buena Park, California.
Tax liens in Buena Park, California are ineffective if the taxpayer doesn't have any property to place the lien on. However, basically any property, including that which the taxpayer acquires after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in Buena Park, California
In Buena Park, California, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a decision that a person is delinquent in their tax requirement.
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 typically 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 Buena Park, 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 Buena Park, 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 confusing and daunting legal issues.
Thus, it should go without saying that if you are facing the prospect of your home or vehicle being slapped with a tax lien, you need to pursue the advice of a reliable tax lawyer in Buena Park, California as soon as you can.
Tax Lien Attorneys in the Largest CA Cities
Life in Buena ParkBuena Park, California has a population of over 80,000 and is located in the northwestern parts of Orange County. The city is nicknamed "the Center of the Southland", due to its central location in the county. Many tourist attractions can be found in Buena Park, most notably the Knot's Berry Farm amusement park.
In Buena Park, many of its famous attractions can be found in the "E-Zone" district. Knott's Berry Farm, Knott's Soak City, and several other popular establishments are situated in the district. The E-Zone is also adjacent to Anaheim, home of Disneyland. Thus, the economy of Buena Park has benefited greatly from the operation of the E-Zone district. Other top employers in Buena Park, California include major companies such as ProLogis and Nutrilite.
Other popular places to visit in Buena Park are its local historic park, the Ralph B. Clark Regional Park, and Los Coyotes Country Club. Los Coyotes Country Club is a world-renowned establishment featuring three unique 9-hole course layouts. Los Coyotes also boasts many of the county's most desirable real estate properties.
Lawyers in Buena Park, California file many of their claims at the Superior Court of California, County of Orange, which is located nearby. Buena Park attorneys assist their clients in a number of different legal claims and issues. Many of them are members of multiple bar associations and legal organizations.