Tax Liens in El Monte, California
In El Monte, 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 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.
A "tax lien," then, is a lien held by the government to collect a tax-related debt from a private entity, such as a person or corporation in El Monte, California.
Tax liens in El Monte, California are ineffective if the taxpayer doesn't have any property to place the lien on. However, essentially any property, including that which the taxpayer obtains after the lien goes into effect, can be affected by a tax lien.
Tax Lien Procedure in El Monte, California
Imposing a tax lien in El Monte, California is normally an uncomplicated process. Usually, the tax authorities simply have to make a determination 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 immediate payment. It will typically give the taxpayer about 10 days to pay the demanded amount.
If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in California have all the rights in the taxpayer's property that any other lien holder would have, including priority over competing creditors.
However, in El Monte, California, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the substantial rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a narrow period of time.
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How Can a El Monte, 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 intricate 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 knowledgeable tax lawyer in El Monte, California as soon as you can.
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Life in El MonteEl Monte is near Los Angeles, California and home to approximately 113,475 residents. It is known as a friendly area that lies in the San Gabriel Valley region of east Los Angeles.
Popular attractions in El Monte are the American Heritage Park and Museum, Rose Hills Memorial Park, El Monte Historical Museum, Whittier Narrows Nature Center and Wildlife Sanctuary, American Society of Military History, and The Rawhide Ponies.
Top employers in El Monte include Wells Fargo, Vons, Toyota, Lexus, Cathay Bank, and elementary and high school districts.
El Monte is home to many small law offices, with competent attorneys practicing in most areas of law. If need be, residents may look to larger firms located in Los Angeles as well. Overall, the legal force within and near El Monte, California is very strong and capable of handling all legal inquiries.