Tax Lien Lawyers in St. Albans

A "lien" in St. Albans, West Virginia is a type of security interest that one person or entity has in someone else's property. Typically, 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 St. Albans, West Virginia tax authorities, to collect taxes that the property-owner has failed to pay.

Of course, a tax lien in St. Albans, 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. Obviously, this makes it quite a bit easier for the government to collect its taxes.

Tax Lien Procedure in St. Albans, West Virginia

In St. Albans, 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 certain amount of money in back taxes, and that they have a small window of time (often 10 days or less) to pay it.

If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this occurs, the IRS or West Virginia tax agency will have significant rights against the taxpayer's property.

But, these rights are limited. In St. Albans, 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 St. Albans, 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 perplexing and daunting legal issues.

Therefore, it's important that you hire a tax attorney in St. Albans, 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.