Tax Lien Lawyers in Point Pleasant
A "lien" in Point Pleasant, 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 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 Point Pleasant, West Virginia tax authorities, to compile taxes that the property-owner has failed to pay.
Of course, a tax lien in Point Pleasant, 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. Evidently, this makes it quite a bit easier for the government to collect its taxes.
Tax Lien Procedure in Point Pleasant, West Virginia
In Point Pleasant, 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 specific period of time (normally 10 days) to pay what they owe.
If that time period expires, and the debtor still hasn't paid, the West Virginia tax lien will go into effect automatically, with no additional action required.
Nonetheless, if the federal government does not seek to enforce a tax lien in Point Pleasant, 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 Point Pleasant, West Virginia Tax Lien Lawyer Help?
If the federal government, or the government of West Virginia informs you that they intend to place a tax lien on your property, you will likely face some pretty difficult and daunting legal issues.
Fortunately for you, tax lawyers in Point Pleasant, West Virginia are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.