Tax Lien Lawyers in Keyser
A "lien" in Keyser, West 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 proceeds 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 Keyser, West Virginia tax authorities, to compile taxes that the property-owner has failed to pay.
However, a tax lien in Keyser, 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. However, a tax lien can be applied to property that the taxpayer acquires after the lien goes into effect.
Tax Lien Procedure in Keyser, West Virginia
The actual process of setting up a Keyser, West Virginia tax lien is normally pretty simple. The agency responsible for collecting taxes must first determine that a tax lien is warranted, normally by finding that the debtor owes a significant amount of back taxes.
Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are required to pay their taxes within 10 days.
If the deadline passes without payment, most tax liens in West Virginia take effect automatically, giving the tax collectors all of the rights in your property that any other lien holder would have.
However, there are limits to how and when a tax lien can be enforced, at least under federal law. The IRS has 10 years to enforce a tax lien in Keyser, West Virginia or anywhere else in the U.S. If it never bothers to take action to seize property that's subject to a tax lien, the lien simply ceases to exist after 10 years. This rule is in place to ensure that the government does not sit on its rights, and to prevent potentially-valuable property from being encumbered indefinitely. Basically, it creates a measure of certainty for both parties.
How Can a Keyser, West Virginia Tax Lien Lawyer Help?
If you receive notice from the federal government, or the government of West Virginia that a tax lien has been imposed on your property, some pretty complex legal issues are necessarily involved.
Fortunately for you, tax lawyers in Keyser, West Virginia 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.