Tax Lien Lawyers in Sammamish
A "lien" in Sammamish, 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 proceeds 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 secure the payment of back taxes. A tax lien in Sammamish, 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 Sammamish, 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. However, 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 Sammamish, Washington
The process of imposing a tax lien on property in Sammamish, Washington is usually fairly simple. The first step is for the IRS or local tax agency to determine that a person actually owes back taxes, and that it is worth the effort to impose a lien.
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 this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or Washington tax agency will have significant rights against the taxpayer's property.
However, if the federal government does not seek to enforce a tax lien in Sammamish, Washington within 10 years of imposing it, federal law dictates that the lien automatically expires. This is effectively a statute of limitations on a tax lien, meant to encourage the federal government to collect its taxes in a reasonable period of time, and ensure that property is not encumbered by a lien forever.
How Can a Sammamish, 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 complex to a layperson.
Luckily for you, tax lawyers in Sammamish, Washington are experts at dealing with matters such as these, and can make sure your rights are protected, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.