Tax Lien Lawyers in North Attleborough
In North Attleborough, Massachusetts, a "lien" is a type of property right, which is created by a court to acquire payment of a lawful debt. Generally, 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 also put them "first in line" compared to other creditors, if the debtor files for bankruptcy.
In North Attleborough, Massachusetts, a "tax lien" is simply a lien imposed by the government to collect back taxes from a citizen or corporation, when other methods for collecting have failed.
Tax Liens in North Attleborough, Massachusetts are generally 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 practically any property, including that which is acquired after the lien is imposed, can be subject to a tax lien.
Tax Lien Procedure in North Attleborough, Massachusetts
The process of imposing a tax lien on property in North Attleborough, Massachusetts is usually fairly simple. The initial step is for the IRS or local tax agency to decide that a person actually owes back taxes, and that it is worth the effort to impose a lien.
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 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, there are limits to how and when a tax lien can be enforced, at least under federal law. The IRS has 10 years to enforce a tax lien in North Attleborough, Massachusetts or anywhere else in the U.S. If it never bothers to take action to seize property that's subject to a tax lien, the lien simply ceases to exist after 10 years. This rule is in place to ensure that the government does not sit on its rights, and to keep potentially-valuable property from being encumbered forever. Essentially, it creates a measure of certainty for both parties.
How Can a North Attleborough, 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 perplexing, very quickly.
Luckily for you, tax lawyers in North Attleborough, Massachusetts are experts at dealing with matters such as these, and can make sure your rights are safeguarded, and advise you on the best way to proceed, if you are facing the prospect of a tax lien.