Tax Lien Lawyers in Bluefield
A "lien" in Bluefield, West Virginia is a type of security interest that one person or entity has in someone else's property. Normally, 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.
As you might have gathered, a "tax lien" is simply a lien placed on property by the IRS or Bluefield, West Virginia tax authorities, to gather taxes that the property-owner has failed to pay.
However, a tax lien in Bluefield, West Virginia will be ineffective if the debtor doesn't own any valuable property to encumber with a lien. As with any debt, the creditor can't collect if the debtor doesn't have any assets. Nonetheless, a tax lien can be applied to property that the taxpayer gains after the lien goes into effect.
Tax Lien Procedure in Bluefield, West Virginia
In Bluefield, West Virginia, the procedure for imposing a tax lien is relatively simple. First, the IRS makes a decision that a person is delinquent in their tax requirement.
At this point, they will send the taxpayer a written notice stating that they owe a particular amount of money in back taxes, and that they have a small window of time (frequently 10 days or less) to pay it.
If the back taxes are not paid before the deadline is up, the lien will typically take effect immediately, with no further action by the IRS or West Virginia tax agency, giving them all the rights in your property that the law permits.
But, these rights are limited. In Bluefield, West Virginia, and everywhere else in the United States, the IRS has 10 years to enforce a tax lien. If they do nothing about it within 10 years, the lien expires. This rule exists for a few reasons. First, it encourages the IRS to act as quickly and efficiently as possible, and not "sit on its rights." Additionally, it acknowledges the fact that any encumbrance on a piece of property, such as a lien, makes the property less valuable. By guaranteeing that the lien will either be satisfied or expire within 10 years, this prevents property from being withheld from the stream of commerce forever.
How Can a Bluefield, West Virginia Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in West Virginia, you will probably have to deal with some fairly challenging legal issues, which might be intricate to a layperson.
Therefore, if you think that any piece of property you own might become subject to a tax lien in Bluefield, West Virginia, you should not delay to seek the advice of a skilled tax attorney immediately.