Tax Lien Lawyers in Oak Hill
A "lien" in Oak Hill, 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 Oak Hill, West Virginia tax authorities, to gather taxes that the property-owner has failed to pay.
Of course, a tax lien in Oak Hill, West Virginia 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. Apparently, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Oak Hill, West Virginia
In Oak Hill, 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.
They will then mail a document called a "notice and demand," which lets the taxpayer know that they owe money on their taxes, and that they have a given period of time (typically 10 days) to pay what they owe.
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.
Nonetheless, if the federal government does not seek to enforce a tax lien in Oak Hill, West Virginia 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 guarantee that property is not encumbered by a lien forever.
How Can a Oak Hill, 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 complicated to a layperson.
Luckily, Oak Hill, West Virginia tax attorneys can help. If you are facing the prospect of a tax lien, you should not hesitate to seek skilled legal advice, to ensure that your legal rights are protected.