Tax Lien Lawyers in Buena Vista

A "lien" in Buena Vista, Virginia is a type of security interest that one person or entity has in someone else's property. Usually, 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 Buena Vista, Virginia can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.

Tax liens in Buena Vista, Virginia 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 Vista, Virginia

The process of imposing a tax lien on property in Buena Vista, Virginia is normally fairly simple. The initial step is for the IRS or local tax agency to decide that a person really owes back taxes, and that it is worth the effort to impose a lien.

Then, the taxpayer is sent a letter with a "notice and demand," which informs the taxpayer that the IRS has decided that they owe back taxes, and that they have a short period of time (normally 10 days) to pay them without incurring a penalty.

If that time period expires, and the debtor still hasn't paid, the Virginia tax lien will go into effect automatically, with no additional action required.

But, under federal law, there are limits to how tax liens can be enforced in Buena Vista, Virginia, and elsewhere. Typically, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.

How Can a Buena Vista, Virginia Tax Lien Lawyer Help?

If you receive notice from the federal government, or the government of Virginia that a tax lien has been imposed on your property, some pretty complex legal issues are necessarily involved.

Thankfully, Buena Vista, Virginia tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek qualified legal advice, to ensure that your legal rights are protected.