Tax Lien Lawyers in Weirton
A "lien" in Weirton, 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 Weirton, West Virginia tax authorities, to compile taxes that the property-owner has failed to pay.
Of course, a tax lien in Weirton, 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 Weirton, West Virginia
The process of imposing a tax lien on property in Weirton, West Virginia is normally fairly simple. The initial step is for the IRS or local tax agency to decide that a person really owes back taxes, and that it is worth the effort to impose a lien.
Then, the IRS, or state tax authorities, send a "notice and demand," informing the taxpayer that they owe back taxes, and that they are obligated to pay their taxes within 10 days.
If this deadline expires, and the debtor does not pay the taxes they owe, the lien will take effect automatically. When this happens, the IRS or West Virginia tax agency will have considerable rights against the taxpayer's property.
But, these rights are limited. In Weirton, 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 Weirton, 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.
Therefore, it's important that you retain a tax attorney in Weirton, 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.