Tax Lien Lawyers in Issaquah
A "lien" in Issaquah, Washington 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 Issaquah, Washington can arise to secure the payment of any federal or state tax, including income tax, estate tax, or gift tax.
Of course, a tax lien in Issaquah, Washington isn't worth much more than the paper it's printed on if the debtor doesn't own any property of value, on which a lien could be placed. Nonetheless, a tax lien applies to property that the taxpayer obtains even after the lien is created. Obviously, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Issaquah, Washington
In Issaquah, Washington, the process for creating a tax lien is fairly uncomplicated. First, the tax authorities decide that a taxpayer actually owes taxes that they haven't paid (that they're delinquent in their taxes).
At this point, they will send the taxpayer a written notice stating that they owe a certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.
If the back taxes are not paid before the deadline is up, the lien will usually take effect immediately, with no further action by the IRS or Washington tax agency, giving them all the rights in your property that the law allows.
But, under federal law, there are limits to how tax liens can be enforced in Issaquah, Washington, and elsewhere. Generally, 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 Issaquah, Washington Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Washington, you will probably have to deal with some fairly difficult legal issues, which might be intricate to a layperson.
Fortunately, Issaquah, Washington tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek competent legal advice, to ensure that your legal rights are protected.