Tax Liens in Burbank, California
In Burbank, 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.
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 Burbank, California.
Tax liens in Burbank, California are ineffective if the taxpayer doesn't have any property to place the lien on. However, practically 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 Burbank, California
In Burbank, 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 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 Burbank, 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." Additionally, 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 Burbank, 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 Burbank, 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.
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Life in BurbankBurbank, California is known as the "Media Capital of the World". It is only a few miles away from Hollywood and is home to the headquarters for many entertainment and media companies. Burbank has a population of about 104,000 and was named after David Burbank, an entrepreneur. Many famous movie and film celebrities have resided in Burbank.
Burbank's economic and social life is supported primarily by the entertainment industry. Companies that have headquarters or major productions studios in the city include: Warner Music Group, Warner Bros. Entertainment, The Walt Disney Company, Nickelodeon, ABC, NBC Universal, and Cartoon Network Studios. Burbank is considered to be a nucleus for the Southern California entertainment and media industry.
Burbank has one of the most famous downtown districts in the country. In fact, the city of Burbank has often been referred to as "Beautiful Downtown Burbank". Downtown Burbank features a diverse mix of fine dining, high-end shopping, and entertainment attractions. Burbank Mall is a popular shopping destination for visitors to the area. Several other similar shopping centers can be found throughout Burbank.
Lawyers in Burbank, California often assist their clients at the Burbank Courthouse. The Courthouse handles a very broad range of legal claims. Burbank lawyers are available to advise those who need legal advice or assistance.