Tax Lien Lawyers in Arlington
A "lien" in Arlington, Virginia is a type of security interest that one person or entity has in someone else's property. Typically, a lien is created by a court, to secure payment of a debt. A lien gives its holder many rights in the property that is subject to it, including the right to seize the funds if the property is sold, and priority access to the property, in front of other creditors.
A "tax lien" is simply a lien placed on a piece of property by the state or local government, to acquire the payment of back taxes. A tax lien in Arlington, Virginia can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Tax liens in Arlington, Virginia 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 Arlington, Virginia
The process of imposing a tax lien on property in Arlington, Virginia is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually owes back taxes, and that it is worth the effort to impose a lien.
Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are obligated to pay their taxes within 10 days.
If the deadline passes without payment, most tax liens in Virginia take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
Nonetheless, in Arlington, Virginia, 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 considerable 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 limited period of time.
How Can a Arlington, Virginia Tax Lien Lawyer Help?
If the federal government, or the government of Virginia informs you that they intend to place a tax lien on your property, you will likely face some pretty perplexing and daunting legal issues.
So, 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 seek the advice of a reputable tax lawyer in Arlington, Virginia as soon as you can.