Tax Lien Lawyers in Hanson
In Hanson, Massachusetts, a "lien" is a type of property right, which is created by a court to acquire payment of a lawful debt. Usually, a valid lien gives its holder the right to seize the property subject to it, or at least some of the property's equity, to satisfy the debt. If the owner sells a piece of property that's subject to a lien, the creditor who owns the lien may be entitled to the proceeds, up to the amount you owe them. It can additionally put them "first in line" compared to other creditors, if the debtor files for bankruptcy.
In Hanson, Massachusetts, a "tax lien" is simply a lien imposed by the government to gather back taxes from a citizen or corporation, when other methods for collecting have failed.
Tax Liens in Hanson, Massachusetts are usually only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's important to note that basically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in Hanson, Massachusetts
The process of imposing a tax lien on property in Hanson, Massachusetts is typically fairly simple. The initial step is for the IRS or local tax agency to decide that a person truly owes back taxes, and that it is worth the effort to impose a lien.
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 given period of time (typically 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 Massachusetts have all the options in the taxpayer's property that any other lien holder would have, containing priority over competing creditors.
Nonetheless, in Hanson, Massachusetts, and anywhere else in America, a tax lien only lasts for 10 years, and then it automatically expires. If the IRS fails to exercise the considerable rights that it has under a tax lien within that period of time, it is assumed that they never intend to do so, and the lien will cease to exist. This ensures that valuable property is only kept out of the economy for a narrow period of time.
How Can a Hanson, Massachusetts Tax Lien Lawyer Help?
If you are notified by the government that you owe back taxes in Massachusetts, and that they are going to pursue a tax lien to collect their money, things can get very confusing, quite quickly.
Therefore, if you think that any piece of property you own might become subject to a tax lien in Hanson, Massachusetts, you should not delay to seek the advice of a skilled tax attorney immediately.