Tax Lien Lawyers in Quincy
In Quincy, 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 Quincy, 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 Quincy, Massachusetts are generally only effective if the taxpayer has a significant amount of property on which a lien can be placed. However, it's necessary 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 Quincy, Massachusetts
The process of imposing a tax lien on property in Quincy, 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 the deadline passes without payment, most tax liens in Massachusetts take effect automatically, giving the tax collectors all of the options in your property that any other lien holder would have.
But, under federal law, there are limits to how tax liens can be enforced in Quincy, Massachusetts, and elsewhere. Generally, the IRS has 10 years to try and enforce a tax lien. If no effort is made to enforce a tax lien for 10 years, the lien is automatically lifted, and the lien holder loses all rights in it. This rule exists to ensure that the government collects its taxes in a reasonable time period, and it prevents valuable property (which could otherwise be contributing to the economy by being bought and sold) is not laded with a lien for an indefinite period of time.
How Can a Quincy, Massachusetts Tax Lien Lawyer Help?
If you end up having a tax lien imposed on your property in Massachusetts, you will probably have to deal with some fairly difficult legal issues, which might be complicated to a layperson.
Luckily for you, tax lawyers in Quincy, 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.