Tax Lien Lawyers in Ravenswood
A "lien" in Ravenswood, 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 Ravenswood, West Virginia tax authorities, to gather taxes that the property-owner has failed to pay.
Of course, a tax lien in Ravenswood, 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 Ravenswood, West Virginia
In Ravenswood, 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, the taxpayer will receive a letter containing a "notice and demand," which, as the name suggests, gives notice that the recipient owes taxes, and demands quick payment. It will typically give the taxpayer about 10 days to pay the demanded amount.
If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this results, the IRS or West Virginia tax agency will have substantial rights against the taxpayer's property.
But, these rights are limited. In Ravenswood, 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." Also, 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 Ravenswood, 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 intricate legal issues are necessarily involved.
Therefore, it's important that you contact a tax attorney in Ravenswood, West Virginia to ensure that whatever legal rights you have in this situation are defended. Your attorney will also be able to advise you on how to best deal with the situation.