Tax Lien Lawyers in Plattsburgh

A "lien" in Plattsburgh, New York is a property right that a person or entity has in property owned by someone else, created by law, for the purpose of enforcing a debt. A lien gives its holder various rights in the property of another person, including the right to seize the proceeds of a sale of the property, and, if the debtor files for bankruptcy, the right to go to the front of the line among other creditors, making it more possible that the lien holder will collect something.

A tax lien, then, is simply a lien that is established for the particular purpose of collecting taxes from a delinquent tax payer in Plattsburgh, New York.

Tax Liens in Plattsburgh, New York are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's critical to note that practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.

Tax Lien Procedure in Plattsburgh, New York

Imposing a tax lien in Plattsburgh, New York is typically an uncomplicated process. Generally, the tax authorities simply have to make a decision that the taxpayer is delinquent in their taxes, and that imposing and enforcing a tax lien will actually be worth the effort.

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 certain period of time (usually 10 days) to pay what they owe.

If this 10-day period expires without payment, the tax lien arises automatically. Once this happens, the tax authorities in New York have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.

But, these rights are limited. In Plattsburgh, New York, 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 Plattsburgh, New York Tax Lien Lawyer Help?

If you end up having a tax lien imposed on your property in New York, you will probably have to deal with some fairly difficult legal issues, which might be intricate to a layperson.

Therefore, if you think that any piece of property you own might become subject to a tax lien in Plattsburgh, New York, you should not delay to seek the advice of a competent tax attorney immediately.